Wealth inequality highlights the differential impacts of rising costs
People with wealth are protected from the worst impacts of the cost-of-living crisis, especially if they have significant savings. Families in the bottom 10% by income are four times likelier to have no savings than those in the top 10% by income. One in three families without savings will have to rely on family and friends to cope with income shocks. Low-income families are much more likely to be behind on their bills than richer families, so they are already more vulnerable to future price increases.