May 16, 2011
An alarming number of Britons claim they are so financially stretched that they are struggling to maintain payments for housing, food and lifestyle choices, research indicates.
According to Moneysavingsupermarket.com, 22% of Brits believe the daily cost of living is so high that they would 'go under' if their bills rose any more. 30% said an increase of less than £100 a month to their living costs would be enough to severely change their life for the worse.
Four out of 10 people blamed their tight financial situation on the soaring cost of petrol, while roughly 23% said the rising cost of food had hit their budget most. In the past six months alone, household outgoings have risen by £54 a week on average, leaving people with just £247 a month in disposable income.
To make matters worse, many people's salaries are falling in real terms, with 61% saying they have not had a pay rise in the past year. This has left 77% of people saying they now have to budget every month to make ends meet, rising to 83% among people with children.
Are you struggling to stay afloat amongst mounting debts? Seek advice today and ensure your finances are secure before something unthinkable happens.
