Near the end of 2023, we shared how we were supporting our customers through the cost of living crisis, helping them save on everyday costs like bills and groceries. To help us better understand how our customers are feeling about rising costs and ways we can help, we recently concluded our latest (now annual) cost of living survey. We were glad to see that, while most customers still say their cost of living is going up, it’s getting better with each year, with things starting to level out for more of them.
What we learnt
We heard from 3,352 customers, with 88% being renters and the other 12% being shared owners. From the responses, we know that food, utilities and fuel have consistently been the biggest contributors to rising living costs. Here’s some more detail on what our customers told us:
Generally
- most of our rental customers are struggling with everyday expenses and it’s affecting their quality of life
- particular groups of rental customers are more negatively affected than others, such as carers, women, young people, and vulnerable customers
- many of our shared owner customers are cutting non-essentials and borrowing more to afford housing payments, meaning they’re making tough choices over priorities like whether to make payments or eat
- a lot of our rental customers depend on food banks and nearly half of them asked family/friends for financial assistance in the six months prior to filling out the survey
- majority of our shared owner customers with fixed mortgages are worried about their next mortgage rate
- possibly due to their lower income status, our customers feel more negatively about their finances when compared to the general population
Over the years
- less of our customers are reporting a monthly increase in their cost of living, with similar figures for renters and shared owners; In 2022 it was 96%; In 2023 it was between 85-87%; In 2024 it was between 83-85%
- less customers are reporting a worsening of their situation. For renters; In 2022 it was 83%; In 2023 it was 75%; In 2024 it was 66%. For shared owners; In 2022 it was 80%; In 2023 it was 68%; In 2024 it was 62%
- rent is becoming a bigger issue for more people each year, with more people reporting it as a reason for their higher living costs. For renters; In 2022 it was 10%; In 2023 it was 25%; In 2024 it was 32%. It’s even worse for shared owners; In 2022 it was 17%, In 2023 it was 33%; In 2024 it was 46%
Regionally
Now that Abri operates using a regional model, we compared how our customers are impacted by the cost of living across our three regions.
- South – both rental and shared owner customers are more likely to be in debt here than those in other regions, between 79-80% compared to 73-76% in the south east and 72-74% in the south west. This region has the most shared owners concerned about finances but they’re also less likely to go without necessities like food
- South east – our rental customers in this region are struggling the most to pay rent, with 30% finding it difficult compared to 27% in the south and 26% in the south west. Shared owners here could also use more support as they’re finding it hardest to afford housing payments
- South west – This region has the most shared owners reporting an increased cost of living and the least reporting receiving financial help. Renters here are slightly better off as they find it the easiest to pay rent out of all our regions, with 32% saying so compared to 30% in the south and 26% in the south east
What we’re doing to support our customers
For our customers who need it, we have support available to lessen the impact of these expenses. Here are some of the ways customers have benefitted from them:
- Connecting customers to external support: In April this year, we’ve supported 102 households access the Crisis Support Fund (food vouchers, fuel vouchers, and white goods & furniture) – resulting in a total value of £10,975.
- Financial support: From our survey, we know that our vulnerable customers are experiencing more of an increase in their cost of living. One of our Independent Living Customers, Mrs C, needed help around the house and support managing her finances. She got in touch with us and we were able to give her advice and help her apply for Attendance Allowance, which now provides her £72.65 a week; help her successfully apply for and obtain a Blue Badge; and reach out to TV Licensing to get a £355.78 refund due to her having a TV license exemption.
- Employment support: David, one of our customers, came to us for assistance when he newly moved into an Abri home. He had been unemployed for a long time and facing financial difficulties as a result of health issues. With help from our dedicated Employment Services team, David completed a free training course, applied for jobs and eventually secured one.
We've got a lot more support available on our website, from budgeting advice and community pantries, to income support and community investment. To learn more, visit the support section of our website here.
Other actions we’re taking
Based on the responses to the survey, our Research team has:
- reported any safeguarding concerns which came to light in open-text comments via See Something, Say Something
- raised urgent concerns (e.g. damp and mould), which came to light in open-text comments, with the relevant teams
- begun scoping a young rental customers research project to explore emerging trends and behaviours within this group
- created a regional report for our Regional Managing Directors