by Louis Chapman-Coombe
More than half of Leeds residents are worse off financially this year, according to a new survey.
The annual Christmas survey, conducted by Leeds Credit Union (LCU), found out that 48% of participants across the city also expect their financial position to worsen in 2023.
The survey also revealed that 39% of people have reduced the amount of heating they use, 34% have changed their shopping habits and 16% have stopped going out for food and drink. 60% of participants also said they saved less money this year compared to last.
Christmas spending was also a part of the LCU’s survey, and 70% of participants said this would be their lowest spending Christmas and 48% were unsure how they would afford Christmas.
Paul Kaye, CEO at Leeds Credit Union, said: “We are acutely aware of the struggles facing not just our members but people across the region and throughout the rest of the country.
“On a daily basis, our team works directly with people to help make their lives better, whether that be through our Money and Budgeting Service directly in the community, via our range of savings accounts or through our affordable and ethical loan products.”
LCU’s survey targeted its 37,000 members.
Leeds Credit Union is a financial cooperative with 37,000 members across Leeds, Wakefield, Harrogate and Craven.
It has a branch in Armley One Stop Centre, Stocks Hill (bottom of Armley Town Street), Leeds, LS12 1UQ. It is open Monday to Friday, 9am to 3pm, details here.
Do you have money or debt problems? Here is West Leeds Dispatch‘s guide to where you can get local help as the cost of living crisis escalates.