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One in five seeking better-paid work to meet rising costs, survey finds

About one in five adults are looking for new work so they can maintain their standard of living as costs soar, new data shows.

Nearly everyone (91%) polled by the Office for National Statistics (ONS) said their costs had increased in the last year.

As a result, 19% of working adults reported they are looking for a job that pays more money – that could include a promotion or moving to a different employer, the ONS said.

Moreover, 15% said they are working extra hours in their job because costs are rising so they need more money. Around 4% said they have taken pm another job to help meet their costs.

The survey found 7% are going to work more often to save on their energy bills.

The research was released a day before the new price cap on energy bills comes into force.

Under the cap, households will pay 34p per unit of electricity and 10.3p per unit of gas they use.

For the typical household – 2.4 people in Ofgem’s calculation – this will mean bills of £2,500 per year. But of course this depends on how much energy they use.

The calculation is based on 2,900 units of electricity and 12,000 of gas, plus the standing charges that all households pay no matter how much they use.

But the ONS’s data contains at least some light at the end of the tunnel.

While 91% of people said their costs have increased over the last year, only 73% said they had increased over the last month – indicating households see think they are getting at least some respite.