Younger generations in Britain will be the worst hit by rising energy bills, a think tank in the country has claimed.
The Resolution Foundation, a think tank that focuses on those on low to middle incomes, has claimed that individuals from younger generations will experience the most hardship as a result of spiralling energy prices.
It comes as many across the UK are already struggling to deal with the ongoing cost of living crisis, which has seen the price of food, fuel and services all rise significantly over the last number of months.
According to research results published by the think tank on Monday, such a dire economic situation will likely end up hitting younger people the most, with the rising cost of energy over the coming winter months being particularly highlighted for the negative outcomes they will likely cause.
While the research conducted by the organisation points towards older people seeing the largest percentage of their income absorbed by rising prices, it believes that those of a younger age will be left most at risk due to a combination of factors.
“The middle-aged will face the largest bill rises and older generations will see the greatest squeeze on their incomes due to their larger and less energy-efficient homes,” Resolution Foundation economist Molly Broome remarked, adding that the organisation expects the price of energy to spike by 80 per cent this winter compared to pre-crisis figures.
“But it’s younger people who are most likely to struggle to pay rising bills, because they are less likely to have savings to fall back on – and will therefore be forced to either rely on older friends or family members, or potentially go without heating during the coming cold weather,” she went on to say.
The think tank also cited younger generations’ higher use of pre-paid energy meters as being likely to adversely affect them, with the organisation saying that the method of payment makes it more difficult to spread energy costs throughout the year.
Britain’s ongoing cost of living crisis has been hitting both individuals and businesses very hard already, with supermarkets noting decreased consumer spending while food banks are seeing increased demand as many are left struggling to meet day-to-day costs.
To make matters worse, Tory party politicians in the country are now arguing that the bill their government racked up over lockdown has now come due, with state officials ordering the population to brace for tax hikes.
“We will be asking everyone for sacrifices,” UK Chancellor for the Exchequer Jeremy Hunt said regarding the hikes.
“I’m a Conservative chancellor and I think I’ve been completely explicit that taxes are going to go up, and that’s a very difficult thing for me to do because I came into politics to do the exact opposite,” he continued.
“We’re all going to be paying a bit more tax, I’m afraid,” the politician went on to say.
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