The cost of living crisis is the top concern for Northern Irish consumers as nearly a third say they would struggle to afford an unexpected bill of £300, a new report reveals today.
Consumer champion Which? carried out extensive research with more than 1,000 people in Northern Ireland during November and December 2021 to uncover and understand the key issues experienced by consumers.
The cost of living crisis emerged as the top concern for Northern Irish consumers - with 30% of people saying they would not be able to pay an unexpected bill of £300 either through their regular income or by dipping into savings.
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Most said they would either borrow money or cut back on essentials to cover such a bill, but 5% said they would not be able to pay it at all. This rose to 15% of those with a household income of £21,000 or less.
An overwhelming 85% of Northern Irish consumers said they were worried about energy prices - a huge increase on the 52% who were worried last year.
Concern about fuel and food prices were also very high - 84% and 79% respectively- again a major increase on 53% and 62% who were concerned about fuel and food last year.
Consumers in Northern Ireland were significantly more likely to be worried about fuel prices compared to the other devolved nations.
In addition, 70% consumers in Northern Ireland said they had already experienced increased energy prices in December 2021, compared to a maximum of 55% in any of the other nations of the UK.
This is perhaps unsurprising as the majority of Northern Irish households heat their homes with oil and, according to the Consumer Council, average prices for 500 litres of oil are rising dramatically from £192 at the end of March 2021 to more than £500 in March 2022.
To offset the impact of higher energy prices, 46% of people said that they had put the heating on less, whilst 42% had reduced their use of lights and appliances around the home and 21% had shopped around for a better deal, significantly more than in the other nations.
Elsewhere, 65% said they had noticed higher food prices. Many of those who had experienced higher food prices also reported adapting their behaviour by buying cheaper alternative products (48%) or cheaper brands (48%), buying extra items when on promotion (41%), shopping around in other stores or online shops (44%), or buying extra items when on promotion (41%).
Worryingly, 9% of consumers in Northern Ireland said they had gone so far as to skip meals.
Rocio Concha, Director of Policy and Advocacy at Which?, said: “Rising prices are already causing financial distress among consumers and the war in the Ukraine is going to mean higher prices for longer.
“Many more households will need support as energy bills and other costs rise this year. Businesses and regulators – as well as the UK and Northern Irish governments – must work quickly to ensure they are ready to support anyone struggling to make ends meet.”
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