You are here: Home - Saving & Banking -

Fuel and energy prices causing biggest financial strain on Brits

0
Written by:
08/12/2012
Brits are finding it more and more difficult to make ends meet, often struggling to make the monthly pay packet stretch the entire month.

The rising cost of living and repayments on mortgages, credit cards and other loans is financially constraining some families so much that nearly a third say that they have nothing left over to save at the end of the month.

According to a recent poll by YouGov, 45 to 50 year olds seem to be feeling the most pain, with 40% saying that they have nothing left over at the end of the month to put away into savings.

A total of 63% confirming that the cost of either, food, utilities or mortgage repayments were causing the most strain on their finances.

Nearly a quarter admit that the cost of utilities is putting the biggest strain on the household budget.

Graham Lund, managing director at Callcredit Information Group, said: “These findings demonstrate that many people are living on a financial knife edge with little or no room to cope with changes in their financial situation.

“The freeze in the planned January fuel duty announced by the government will no doubt help consumers but as financial pressures continue to mount it is now more important than ever that consumers’ don’t overstretch themselves.

The strain on the household budget will extend onto Christmas, as 39% state that they will be cutting back on spending this year. 52% of those with three or more children state that they will be

However for those with three or more children this figure jumps to 52%.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2230484-child-swing
One month to Child Benefit changes

There is only a month to go before high-earning parents will have to decide between whether they want to stop...

Close