Fuel and energy prices causing biggest financial strain on Brits
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%.