Back in April, we heard from our community that a growing number of people were resorting to loans to help them pay for fuel, amidst spiralling prices. We decided to do some research to see how big this problem was, and the short story is that it was HUGE (for a slightly depressing reminder, see our April blog post).
Since then, prices have thankfully come down – but the cost of living is higher than ever, thanks to food costs and that infamous electricity cap. We decided to commission a further study to see what the situation was now, and the results are pretty grim.
Despite the recent drop in fuel prices, our research shows that nearly three quarters of 18-34 year olds (69%) are struggling to pay for fuel to run their car. This is a huge increase from six months ago, when we found that 46 percent were suffering. This is a staggering 47 percent increase on six months ago – and the situation is only set to deteriorate as the cost of living reaches record highs.
What’s more, our research also showed that many of this age group have no choice but to run a car, due to needing it for work or to manage their duties.
Although the 18-34 year old group was the most affected, the 35-54 year olds weren’t far behind, with 39 percent having to borrow from family and friends in order to keep driving.
Other worrying statistics from the study include:
- 29% of all age groups have been forced to borrow money for fuel
- Men appear to have been more affected than women, with 32% of men and only 24% of women asking for help from friends and family
- Glasgow was the worst affected city, with a huge 77% of those surveyed admitting to borrowing to pay for fuel
- Brighton and London were the next worst affected, with 38% admitting to needing to borrow from friends and family
- Plymouth was the least affected, with just 8% of those surveyed saying they needed support paying for fuel
- Scotland appears to to be the most affected in the UK, with more than half of all age groups stating they have borrowed cash (52%)
- Yorkshire and Humberside was the worst affected area in England with 29% borrowing, with the North East closely behind with 26%
Our founder, Nick Zapolski, said: “It’s upsetting to see how the recent cost of living crisis has plunged young people into debt with family and friends.
“Our recent study showed that a huge amount of people need to keep driving to work or fulfil their responsibilities, so it’s very worrying that a large part of society is being forced into asking for help. We hope that steps are being taken to lower fuel prices, or at least keep them stable.”
