Susannah Streeter, a senior investment and markets analyst at Hargreaves Lansdown, shared why this assistance is welcomed by the majority of people.
She explained: “The fact that benefits will rise with inflation in April will come as a huge relief. Those on the lowest incomes still face a struggle to make it through the winter, but this at least gives them hope that things won’t always be so difficult.
“A lift in the minimum wage will be another small drop of comfort, but with inflation rising, lower earners are still likely to face huge challenges to cover their rising costs.”
The finance expert noted that the Government is continuing some of its cost of living payments from last year to financially assist vulnerable demographics.
Those on means-tested benefits and people with disability will be due two cost of living payments worth £900 and £150, respectively.
