Rising prices see Brits working three more days a year
On average people are having to work three more days a year to pay for essential items such as gas, water and electricity compared to 2010, according to research carried out exclusively for ITV News.
In 2013, the rising cost of utilities meant the average UK employee had to work for 20.1 days (based on a 7.5 hour work day) in order to pay for household bills, compared to 17 days in 2010.
The Resolution Foundation, which carried out the research, found the extra work was needed because of a fall in real wages.
Rail users were among the groups hit hardest, with the average commuter needing to work an extra five-and-a-half days a year to cover the costs of travel – compared to 2010.
In 2013, rail users had to work 43.1 days to cover the costs of train tickets compared to 37.7 in 2010. On average, train users needed to work 8.6 more days year in 2013 than they did in 2010 to pay for both rail tickets and utilities.
The research will add to the reams of evidence showing a squeeze on consumers living standards. One of the biggest costs to workers is housing, which has rapidly risen in price over the last year.
In January, Halifax's house price index, the price to earnings ratio rose to 4.74 – the widest level seen since 2008.
Prices were 7.3 per cent higher in the three months to January than they were for the same time last year. Halifax cited “lack of supply coming on to the market” as one of the principle reasons for skyrocketing prices.