The latest survey we’ve conducted here at uSwitch has revealed that despite the recession being over, the cost of living is now rising at nearly double the rate of our salaries.
The average salary will increase by just 1.9% to £24,425 in 2010, which is equivalent to an extra £27 a month – well below the rates of the Retail Price Index (3.7%) and Consumer Price Index (3.5%), which are key indicators of how the cost of living is increasing.
Our poll also found that 16 million of us (that’s more than half the working population) aren’t holding our breath for any pay rise at all this year.
Given these statistics, it’s hardly surprising that 31% of us believe that we will be worse off this year than we were last year, and an increasing number of people are relying on borrowed money to make ends meet, even thought the economy is supposed to be on the mend.
What do you make of our findings? Are you expecting a pay rise this year and do you expect to be better or worse off this year than you were last year? We’d love to hear what you think…