Latest news with #cost of living
Yahoo
2 days ago
- Business
- Yahoo
Here's How Far the Median Income Goes in America's Largest Cities
As the cost of living continues to rise, many Americans may wonder how far their salary goes in the largest U.S. cities. While new data from GOBankingRates reveals the median income isn't enough to cover living costs in every major metro, you may be surprised by the locations where it is enough money. The median income in five major California cities — including the notoriously expensive Bay Area hotspots San Francisco and Oakland — covers each spot's living expenses. Find Out: Learn More: The GOBankingRates' research team analyzed the most populated U.S. cities, sourcing key factors like household median income, the cost-of-living indexes and average expenditure costs. Each city's monthly and annual cost of living was calculated using the average expenditure and mortgage costs. The average annual cost of living and median household income were then used to calculate the amount of coverage this income can cover in each location. Key Findings Los Angeles, not San Francisco, ranks as the least affordable city for median income earners. The median income is $80,336, covering just 79% of living expenses and resulting in a negative savings of $21,634 after this income pays the cost of living. Los Angeles, Miami and New York's median income covers up to just 85% of living expenses. These locations ranked as the top three cities with the least affordable median income, with every city experiencing negative savings after earnings covered living costs: Los Angeles ($21,634), Miami ($15,324) and New York ($14,598). Seven Texas cities, the most out of any state, were among the 45 cities where the median income covers 100% or more of living expenses. These include Dallas (#23), Houston (#26), Austin (#29), El Paso (#35), San Antonio (#38), Arlington (#39) and Fort Worth (#47). There are five surprising California cities where earning a median income does cover 100% or more of expenses: San Francisco (#8), Oakland (#9), Fresno (#13), Sacramento (#19) and Bakersfield (#31). Ranked from least affordable to most affordable, let's see how far the median income goes in America's largest cities. Find Out: See Next: 1. Los Angeles % of living expenses covered by income: 79% Savings remaining after income covers living costs: -$21,634 Household median income: $80,366 Annual cost of living: $102,000 Monthly cost of living: $8,500 Discover More: 2. Miami % of living expenses covered by income: 80% Savings remaining after income covers living costs: -$15,324 Household median income: $59,390 Annual cost of living: $74,714 Monthly cost of living: $6,226 3. New York City % of living expenses covered by income: 85% Savings remaining after income covers living costs: -$14,598 Household median income: $79,713 Annual cost of living: $94,311 Monthly cost of living: $7,859 4. Long Beach, California % of living expenses covered by income: 90% Savings remaining after income covers living costs: -$9,397 Household median income: $83,969 Annual cost of living: $93,366 Monthly cost of living: $7,780 5. San Diego % of living expenses covered by income: 96% Savings remaining after income covers living costs: -$4,430 Household median income: $104,321 Annual cost of living: $108,751 Monthly cost of living: $9,063 6. San Jose, California % of living expenses covered by income: 99.6% Savings remaining after income covers living costs: -$624 Household median income: $141,565 Annual cost of living: $142,189 Monthly cost of living: $11,849 Check Out: 7. Boston % of living expenses covered by income: 107% Savings remaining after income covers living costs: $6,323 Household median income: $94,755 Annual cost of living: $88,432 Monthly cost of living: $7,369 8. San Francisco % of living expenses covered by income: 107% Savings remaining after income covers living costs: $9,447 Household median income: $141,446 Annual cost of living: $131,999 Monthly cost of living: $11,000 9. Oakland, California % of living expenses covered by income: 113% Savings remaining after income covers living costs: $10,972 Household median income: $97,369 Annual cost of living: $86,397 Monthly cost of living: $7,200 10. Tucson, Arizona % of living expenses covered by income: 116% Savings remaining after income covers living costs: $7,425 Household median income: $54,546 Annual cost of living: $47,121 Monthly cost of living: $3,927 11. Detroit % of living expenses covered by income: 120% Savings remaining after income covers living costs: $6,606 Household median income: $39,575 Annual cost of living: $32,969 Monthly cost of living: $2,747 Read Next: 12. Las Vegas % of living expenses covered by income: 120% Savings remaining after income covers living costs: $11,958 Household median income: $70,723 Annual cost of living: $58,765 Monthly cost of living: $4,897 13. Fresno, California % of living expenses covered by income: 126% Savings remaining after income covers living costs: $13,804 Household median income: $66,804 Annual cost of living: $53,000 Monthly cost of living: $4,417 14. Washington, D.C. % of living expenses covered by income: 128% Savings remaining after income covers living costs: $23,449 Household median income: $106,287 Annual cost of living: $82,838 Monthly cost of living: $6,903 15. Seattle % of living expenses covered by income: 130% Savings remaining after income covers living costs: $28,000 Household median income: $121,984 Annual cost of living: $93,984 Monthly cost of living: $7,832 16. Milwaukee % of living expenses covered by income: 131% Savings remaining after income covers living costs: $12,217 Household median income: $51,888 Annual cost of living: $39,671 Monthly cost of living: $3,306 Try This: 17. Tampa, Florida % of living expenses covered by income: 134% Savings remaining after income covers living costs: $18,029 Household median income: $71,302 Annual cost of living: $53,273 Monthly cost of living: $4,439 18. Portland, Oregon % of living expenses covered by income: 135% Savings remaining after income covers living costs: $23,043 Household median income: $88,792 Annual cost of living: $65,749 Monthly cost of living: $5,479 19. Sacramento, California % of living expenses covered by income: 136% Savings remaining after income covers living costs: $22,158 Household median income: $83,753 Annual cost of living: $61,595 Monthly cost of living: $5,133 20. Denver % of living expenses covered by income: 136% Savings remaining after income covers living costs: $24,332 Household median income: $91,681 Annual cost of living: $67,349 Monthly cost of living: $5,612 21. Aurora, Colorado % of living expenses covered by income: 138% Savings remaining after income covers living costs: $23,255 Household median income: $84,320 Annual cost of living: $61,065 Monthly cost of living: $5,089 Trending Now: 22. Philadelphia % of living expenses covered by income: 138% Savings remaining after income covers living costs: $16,759 Household median income: $60,698 Annual cost of living: $43,939 Monthly cost of living: $3,662 23. Dallas % of living expenses covered by income: 139% Savings remaining after income covers living costs: $18,847 Household median income: $67,760 Annual cost of living: $48,913 Monthly cost of living: $4,076 24. Mesa, Arizona % of living expenses covered by income: 139% Savings remaining after income covers living costs: $22,024 Household median income: $78,779 Annual cost of living: $56,755 Monthly cost of living: $4,730 25. Phoenix % of living expenses covered by income: 139% Savings remaining after income covers living costs: $21,646 Household median income: $77,041 Annual cost of living: $55,395 Monthly cost of living: $4,616 26. Houston % of living expenses covered by income: 141% Savings remaining after income covers living costs: $18,162 Household median income: $62,894 Annual cost of living: $44,732 Monthly cost of living: $3,728 View Next: 27. Albuquerque, New Mexico % of living expenses covered by income: 141% Savings remaining after income covers living costs: $18,975 Household median income: $65,604 Annual cost of living: $46,629 Monthly cost of living: $3,886 28. Atlanta % of living expenses covered by income: 141% Savings remaining after income covers living costs: $23,810 Household median income: $81,938 Annual cost of living: $58,128 Monthly cost of living: $4,844 29. Austin, Texas % of living expenses covered by income: 143% Savings remaining after income covers living costs: $27,264 Household median income: $91,461 Annual cost of living: $64,197 Monthly cost of living: $5,350 30. Jacksonville, Florida % of living expenses covered by income: 146% Savings remaining after income covers living costs: $20,980 Household median income: $66,981 Annual cost of living: $46,001 Monthly cost of living: $3,833 31. Bakersfield, California % of living expenses covered by income: 146% Savings remaining after income covers living costs: $24,346 Household median income: $77,397 Annual cost of living: $53,051 Monthly cost of living: $4,421 Discover More: 32. Charlotte, North Carolina % of living expenses covered by income: 148% Savings remaining after income covers living costs: $25,308 Household median income: $78,438 Annual cost of living: $53,130 Monthly cost of living: $4,428 33. Colorado Springs % of living expenses covered by income: 148% Savings remaining after income covers living costs: $27,147 Household median income: $83,198 Annual cost of living: $56,051 Monthly cost of living: $4,671 34. Raleigh, North Carolina % of living expenses covered by income: 149% Savings remaining after income covers living costs: $26,946 Household median income: $82,424 Annual cost of living: $55,478 Monthly cost of living: $4,623 35. El Paso, Texas % of living expenses covered by income: 150% Savings remaining after income covers living costs: $19,461 Household median income: $58,734 Annual cost of living: $39,273 Monthly cost of living: $3,273 36. Tulsa, Oklahoma % of living expenses covered by income: 150% Savings remaining after income covers living costs: $19,424 Household median income: $58,407 Annual cost of living: $38,983 Monthly cost of living: $3,249 Be Aware: 37. Memphis, Tennessee % of living expenses covered by income: 151% Savings remaining after income covers living costs: $17,313 Household median income: $51,211 Annual cost of living: $33,898 Monthly cost of living: $2,825 38. San Antonio, Texas % of living expenses covered by income: 151% Savings remaining after income covers living costs: $21,284 Household median income: $62,917 Annual cost of living: $41,633 Monthly cost of living: $3,469 39. Arlington, Texas % of living expenses covered by income: 153% Savings remaining after income covers living costs: $25,543 Household median income: $73,519 Annual cost of living: $47,976 Monthly cost of living: $3,998 40. Columbus, Ohio % of living expenses covered by income: 154% Savings remaining after income covers living costs: $22,789 Household median income: $65,327 Annual cost of living: $42,538 Monthly cost of living: $3,545 41. Baltimore % of living expenses covered by income: 154% Savings remaining after income covers living costs: $21,015 Household median income: $59,623 Annual cost of living: $38,608 Monthly cost of living: $3,217 For You: 42. Chicago % of living expenses covered by income: 155% Savings remaining after income covers living costs: $26,708 Household median income: $75,134 Annual cost of living: $48,426 Monthly cost of living: $4,035 43. Indianapolis % of living expenses covered by income: 158% Savings remaining after income covers living costs: $23,134 Household median income: $62,995 Annual cost of living: $39,861 Monthly cost of living: $3,322 44. Omaha, Nebraska % of living expenses covered by income: 161% Savings remaining after income covers living costs: $27,605 Household median income: $72,708 Annual cost of living: $45,103 Monthly cost of living: $3,759 45. Kansas City, Missouri % of living expenses covered by income: 162% Savings remaining after income covers living costs: $25,869 Household median income: $67,449 Annual cost of living: $41,580 Monthly cost of living: $3,465 46. Minneapolis % of living expenses covered by income: 163% Savings remaining after income covers living costs: $30,927 Household median income: $80,269 Annual cost of living: $49,342 Monthly cost of living: $4,112 That's Interesting: 47. Fort Worth, Texas % of living expenses covered by income: 163% Savings remaining after income covers living costs: $29,710 Household median income: $76,602 Annual cost of living: $46,892 Monthly cost of living: $3,908 48. Virginia Beach, Virginia % of living expenses covered by income: 164% Savings remaining after income covers living costs: $35,473 Household median income: $90,685 Annual cost of living: $55,212 Monthly cost of living: $4,601 49. Wichita, Kansas % of living expenses covered by income: 168% Savings remaining after income covers living costs: $25,418 Household median income: $63,072 Annual cost of living: $37,654 Monthly cost of living: $3,138 50. Oklahoma City % of living expenses covered by income: 172% Savings remaining after income covers living costs: $27,898 Household median income: $66,702 Annual cost of living: $38,804 Monthly cost of living: $3,234 Methodology: For this study, GOBankingRates analyzed the most populated cities, as sourced from the U.S. Census American Community Survey. Cost-of-living living indexes were sourced from Sperling's BestPlaces. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location was calculated. Mortgage costs were determined using Zillow Home Value Index for May 2025 and the Federal Reserve Economic Data. Using the average mortgage and average expenditure costs, the average cost of living was calculated. All data was collected on and is up to date as of July 3, 2025. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 10 Used Cars That Will Last Longer Than an Average New Vehicle 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on Here's How Far the Median Income Goes in America's Largest Cities Sign in to access your portfolio
SBS Australia
2 days ago
- Business
- SBS Australia
Is Australia's cost of living crisis really becoming a 'thing of the past'?
There are signs the cost of living crisis affecting Australians during years of high inflation could be easing, analysts say, but some charity groups warn rising wealth inequality mean the pain is not lessening for everyone. Deputy director of the Anglicare charity Maiy Azize told SBS News: "It's really frustrating" for people to hear speculation on whether the cost of living crisis is over, because millions of Australians are still struggling to afford essentials. "We've had years of big price increases for things like food, things like fuel. Electricity has never been more expensive. Energy debts are really high, and of course rents have never been higher," she said. Anglicare has not seen any measurable drop off in people requiring its charity services, she said. "We're definitely not seeing any kind of slow down in the number of people who are coming to us for things like emergency relief, for things like bill assistance, financial counselling, that's certainly not improving, she said." "I think when people hear things like, 'oh, the cost of living is getting better', they might think that actual relief is in sight and things might be getting a bit cheaper. But in reality things aren't getting cheaper for them. They don't need our help any less." Household spending ticks up Investment research company Morningstar published a report this month telling retail investors the cost of living crisis would become a "thing of the past", as people start to spend more on non-essential items. Commonwealth Bank analysis shows household spending rose for a third consecutive month in June, up 0.3 per cent following gains of 0.4 per cent in April and May. "Household spending is starting to show signs of consistency month-on-month and should continue to pick up this year as consumers begin to loosen their purse strings," the bank's senior economist Belinda Allen said in a statement earlier this month. "This recovery is taking longer than expected to occur, but there are green shoots emerging." Many had expected the bank to lower the cash rate in line with inflation — the Consumer Price Index figure for May came in at 2.1 per cent, down from 2.4 per cent in April. Commonwealth Bank analysis shows household spending rose for a third consecutive month in June, up 0.3 per cent following gains of 0.4 per cent in April and May. Source: Getty / Traceydee Photography The annual trimmed mean inflation — which doesn't include major price swings and is the RBA's preferred measure — was at 2.4 per cent, down from 2.8 per cent in April. Morningstar chief investment officer for the Asia Pacific, Matt Wacher, said falling inflation means Australians could be feeling more confident about spending money. "In real terms, adjusted for inflation, household incomes are actually growing again in real terms, which they weren't for quite a period there," he said. "That kind of makes people feel that there's a bit more money in their hip pocket when they're actually earning more than the inflation rate again." Wacher said that the savings rate — the percentage of their income Australian households are able to save — has rebounded since a low of about 1.5 per cent in September 2023. In the March quarter it rose to 5.2 per cent, according to the Australian Bureau of Statistics. Reasons for optimism, or a crisis still 'far from over'? Further argument for optimism in the economy is the fact the RBA is likely to lower the official cash rate even further, Wacher said. "The market is still pricing in four rate cuts over the next 12 months, and that would certainly have a very large effect if that was to come through on consumer balance sheets," he said. But Australians aren't necessarily going to feel like they are out of the woods, the Australia Institute's senior economist, Matt Grudnoff, said. "People are likely to still be feeling the pinch," he said. "When people talk about inflation easing, they don't mean that prices are going backwards, they just mean that they're not increasing as fast as they once were." Grudnoff said Australians with mortgages haven't changed their behaviour significantly since the RBA started introducing rate cuts. "Around 80 per cent of people haven't adjusted their repayments [since the cute were introduced]," he said. "So effectively, rather than taking the extra money, people are just paying down debt faster, which suggests that they're not increasing their spending in response to this cutting interest rates, which tells me that they're still quite worried and uncertain about the future." Australians with mortgages haven't changed their behaviour significantly since the RBA started introducing rate cuts, according to economist Matt Grudnoff. Source: AAP / Bianca De Marchi When people are uncertain and worried about the economy, "their first reaction is to kind of pay down debt and get ahead in order to build a buffer against any future kind of shock," he said. "If unemployment is going up, people might be worried about their jobs. The economy's growth is almost flat so they're worried about their jobs and if they're uncertain and worried, they're not going to be rushing out and spending on discretionary items." Australian Council Of Social Service CEO Cassandra Goldie said the cost of living crisis is "far from over". "There are persistent cost pressures that are placing people on low incomes under enormous financial stress," she said. "Housing affordability has continued to deteriorate, while rental stress has become more persistent and is damaging people's health."
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Japan rice prices double, raising pressure on PM Ishiba
Crop damage from a previous dry spell and speculative hoarding by traders fuelled the surge in rice prices. (AFP pic) TOKYO : Rice prices in Japan soared 99.2% in June year-on-year, official data showed Friday, piling further pressure on Prime Minister Shigeru Ishiba ahead of elections this weekend. The price of the grain already rocketed 101% year-on-year in May, having jumped 98.4 % in April and more than 92.5% in March. Overall, Japan's core inflation rate slowed to 3.3% in June from 3.7% in May, the data from the internal affairs ministry showed. The reading, which excludes volatile fresh food prices, was slightly below market expectations of 3.4%. Excluding energy and also fresh food, consumer prices rose 3.4%, compared with 3.3% in May. Public support for Ishiba's administration has tumbled to its lowest level since he took office in October, partly because of frustration over the cost of living. One of the main sources of anger has been inflation and in particular the surging cost of rice, as well as scandals within the ruling party. The 68-year-old leader's coalition was deprived of a majority in the powerful lower house in October. It was the worst election result in 15 years for the Liberal Democratic Party (LDP), which has governed Japan almost continuously since 1955. Opinion polls ahead of Sunday's election suggest the ruling coalition may lose its majority in the upper house as well. This could force Ishiba to resign after less than a year in office. Tariff pressure He is under additional pressure to reach a trade deal with the US before new tariffs of 25% take effect on August 1. Japan's important auto imports into the world's biggest economy are already subject to painful levies, as are steel and aluminium. US President Donald Trump wants to get Japanese firms to manufacture more in the US, and Tokyo to buy more US goods – notably gas and oil, cars and rice – to reduce the US$70 billion trade deficit with the Asian powerhouse. Ishiba, who has sent his trade envoy Ryosei Akazawa to Washington seven times to try and broker a deal, was due to host US treasury secretary Scott Bessent on Friday. The Bank of Japan has been tightening monetary policy since last year as inflation crept up but worries about the impact of US tariffs on the world's number four economy has forced it to take a slower approach. Factors behind the rising price of rice include shortages due to an intensely hot and dry summer two years ago that damaged harvests nationwide. Since then some traders have been hoarding rice in a bid to boost their profits down the line, experts say. The issue was made worse by panic buying last year prompted by a government warning about a potential 'megaquake' that did not strike. The government has taken the rare step of releasing its emergency stockpile since February, which it typically only ever did during disasters.
Yahoo
3 days ago
- Business
- Yahoo
Japan rice prices double, raising pressure on PM
Rice prices in Japan soared 99.2 percent in June year-on-year, official data showed Friday, piling further pressure on Prime Minister Shigeru Ishiba ahead of elections this weekend. The price of the grain already rocketed 101 percent year-on-year in May, having jumped 98.4 percent in April and more than 92.5 percent in March. Overall, Japan's core inflation rate slowed to 3.3 percent in June from 3.7 percent in May, the data from the internal affairs ministry showed. The reading, which excludes volatile fresh food prices, was slightly below market expectations of 3.4 percent. Excluding energy and also fresh food, consumer prices rose 3.4 percent, compared with 3.3 percent in May. Public support for Ishiba's administration has tumbled to its lowest level since he took office in October, partly because of frustration over the cost of living. One of the main sources of anger has been inflation and in particular the surging cost of rice, as well as scandals within the ruling party. The 68-year-old leader's coalition was deprived of a majority in the powerful lower house in October. It was the worst election result in 15 years for the Liberal Democratic Party (LDP), which has governed Japan almost continuously since 1955. Opinion polls ahead of Sunday's election suggest the ruling coalition may lose its majority in the upper house as well. This could force Ishiba to resign after less than a year in office. - Tariff pressure - He is under additional pressure to reach a trade deal with the United States before new tariffs of 25 percent take effect on August 1. Japan's important auto imports into the world's biggest economy are already subject to painful levies, as are steel and aluminium. US President Donald Trump wants to get Japanese firms to manufacture more in the United States, and Tokyo to buy more US goods -- notably gas and oil, cars and rice -- to reduce the $70 billion trade deficit with the Asian powerhouse. Ishiba, who has sent his trade envoy Ryosei Akazawa to Washington seven times to try and broker a deal, was due to host US Treasury Secretary Scott Bessent on Friday. The Bank of Japan has been tightening monetary policy since last year as inflation crept up but worries about the impact of US tariffs on the world's number four economy has forced it to take a slower approach. Factors behind the rising price of rice include shortages due to an intensely hot and dry summer two years ago that damaged harvests nationwide. Since then some traders have been hoarding rice in a bid to boost their profits down the line, experts say. The issue was made worse by panic buying last year prompted by a government warning about a potential "megaquake" that did not strike. The government has taken the rare step of releasing its emergency stockpile since February, which it typically only ever did during disasters. kh-stu/sco Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
3 days ago
- Business
- The Independent
August 2025 Bank Holiday benefits and pension payments dates plus cost of living support
For millions across the UK, managing the cost of living remains a daily struggle as rising prices continue to outpace household incomes. Recent research from the Resolution Foundation found that the cost of essentials in the UK has remained stubbornly high, long past the 'peak' of the cost of living crisis in 2022. Despite inflation returning to pre-pandemic levels, the cost of goods has remained persistently high in the face of stagnant wages. At the same time, exorbitant household bills mean millions are grappling with debts to afford the essentials. Around 7.3 million adults (13.9 per cent of households) experienced food insecurity in January 2025, figures from The Food Foundation reveal, showing no signs of returning to pre-2022 levels. Meanwhile, energy arrears have more than doubled over the past five years, rising to £3.9 billion at the end of 2024. Against this difficult economic backdrop, it's important that households are claiming all the support the they entitled to. There are now around 24 million people in the country claiming some combination of DWP-administered benefits, representing around one in three people. Yet research by Policy in Practice shows that £23 billion worth of benefits goes unclaimed every year – you can use their helpful calculator to work out what you might be entitled to. Are you having an issue with the DWP or cost of living? Get in touch via email: Here is an overview of the financial support available to households this August and key dates for benefit and state pension recipients to look out for: Benefit payment dates in August Benefit payments will be going out as normal for the most part in August, although there is one bank holiday to be aware of. These include: Universal Credit State pension Pension credit Child benefit Disability living allowance Personal independence payment (PIP) Attendance allowance Carer's allowance Employment support allowance Income support Jobseeker's allowance Due to the Summer bank holiday on Monday 25 August, anyone expecting a payment on that date should instead receive on the previous working day – Friday 22 August. This also applies to state pension payments. For more information on how and when state benefits are paid, visit the government's website. The DWP is aiming to complete the migration of all 'legacy benefits' to Universal Credit by January 2026. Those receiving tax credits, income support, jobseeker's allowance, and housing benefit should have received a notice about moving to Universal Credit already. Are you having issues with PIP, Universal Credit, or any other benefit? Get in touch via email: Pension payment dates in August The basic state pension is paid straight into bank accounts similar to how benefits are paid. It is usually paid every four weeks, with the exact day you receive it corresponding to the last two digits of your national insurance (NI) number. Here's when you should be paid based on those numbers: 00 to 19: Monday 20 to 39: Tuesday 40 to 59: Wednesday 60 to 79: Thursday 80 to 99: Friday When will benefit rates go up? In April, all benefits were uprated by 1.7 per cent, matching the September 2024 inflation figure. The increase applied to all working-age benefits, including universal credit, PIP, DLA, attendance allowance, carer's allowance, ESA and more. Meanwhile, in line with the triple lock, the state pension has risen by 4.1 per cent – up £472 a year – matching wage growth in 2024. In April 2026, all Universal Credit claimants will receive an above-inflation increase to their income following the passage of Labour's controversial welfare bill. These extra-inflationary increases will continue yearly until 2029, with the first being a rise of at least 2.3 per cent. However, at the same time, the monthly payment rate for the health-related element of Universal Credit for new claimants will be cut from £105 to £50. This rate will also be frozen until 2029. This is a reduction of over £200 a month, cutting the additional rate by around half. This means it is advisable for anyone who thinks they might be eligible to apply as soon as they can. Other help available Budgeting advance loans The government offers a 'budgeting advance loan' for people on Universal Credit who face an emergency lack of money. The loan has a maximum repayment period of two years. These loans are interest-free, and automatically deducted from Universal Credit payments. You can borrow an 'advance' of up to: £348 if you're single £464 if you're part of a couple £812 if you or your partner claim Child Benefit Following the Labour Budget in October, a new cap has been introduced on the amount the DWP can deduct from benefit payments to repay loans and debts, including budgeting advance loans. From April 2025, deductions from universal credit will be capped at 15 per cent of the standard allowance, down from 25 per cent. Discretionary Housing Payment Households can apply to their council for a Discretionary Housing Payment (DHP), which offers financial support to go towards rent or housing costs. You can only get a DHP if you are in receipt of Housing Benefit or the housing element of Universal Credit. It can cover housing costs for a rent shortfall, rent deposits and rent in advance if you need to move home. Exact eligibility and the funds available are decided on a council-by-council basis, so you will need to get in touch with your local authority to find out more. Household Support Fund The Household Support Fund (HSF), distributed by local councils, offers vital assistance to those facing financial hardship, complementing standard benefits and grants. As part of this government initiative, eligible households throughout the UK can access support such as essential appliances, contributions towards utility bills, and direct cash payments reaching up to £300. Local authorities are free to decide how to allocate their HSF funding to suit households in their area, so exactly what is available will vary. To apply, households need to contact their council (most offer an online form). This nationwide program is set to run until March 2026. The government has committed £1 billion in funding to transition it into a 'Crisis and Resilience Fund', which will also replace the DHP. Charitable grants If you are struggling financially, you may be eligible for certain charitable grants. There are a wide range of grants available depending on your circumstances. However, these grants will typically require you to meet specific criteria and only be able to offer limited funds. Charitable grants are available for people who are disabled or ill, carers, bereaved, unemployed, students – and many more. The charity Turn2us has an online tool to search for grants which may be available to you. Energy provider help A number of energy suppliers offer help for those struggling with their energy bills. These include British Gas, Scottish Power, EDF, and Octopus. It is worth contacting your energy provider to find out if you are eligible. Council tax reduction If you meet certain criteria or are on certain benefits, you may be able to apply for a discount on your council tax discount of up to 100 per cent. Your local council may still be able to offer you a discretionary reduction if you are able to demonstrate you are facing severe hardship and can't afford to pay your council tax. To apply for a council tax reduction, you can contact your local council via the government's website. Up to 30 hours of free childcare All working parents in the UK are currently entitled to 30 hours of free childcare for children aged 3 to 4. From 1 April 2024, this entitlement expanded to include 15 hours of free childcare for 2-year-olds. From 1 September, it was expanded again to include all children from the age of nine months. You must apply online and reconfirm your eligibility every three months, in time for each school term. Working parents can also apply for tax-free childcare, giving back 20p for every 80p you put towards childcare, up to a maximum of £500 a year. The final expansion to free childcare, coming in September 2025, will see all children under five eligible for 30 hours. Ofgem's energy price cap has be decreased from £1,849 to £1,720 for July to September – a drop of 7 per cent. The welcome fall follows three consecutive rises. The energy price cap is the maximum amount energy suppliers can charge you for each unit of energy if you're on a standard variable tariff. That includes most households. It is expressed as an annual bill for an average home. Will there be another Cost of Living Payment in 2025? The DWP have not announced any continuation of the Cost of Living Payment scheme that ran between 2022 and 2024. The final payment should have been made to eligible households between 6 February and 22 February 2024. Mental health support In the UK and Ireland, Samaritans can be contacted 24 hours a day, 365 days a year. You can call them for free on 116 123, email them at jo@ or visit to find your nearest branch. Mind runs a support line on 0300 102 1234 which provides a safe and confidential place to talk about how you're feeling. There is also an information line on 0300 123 3393 for nearby support, and a welfare benefits line on 0300 222 5782 to support the mental health of those navigating the benefits system. Disability charity Scope has a forum where people can have supportive chats to others going through the same experiences. NHS England offers an online mental health triage service.
