You are here: Home - Saving & Banking -

Fuel and energy prices causing biggest financial strain on Brits

Written by:
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

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.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week

  • Marcus Bank (and others) have been knocked off the top of the easy access best buy tables with this new launch
  • Banish Blue Monday with these quick money wins -
  • Given the Brexit uncertainty, you may be looking to protect your pounds ahead of your next holiday. Here are five w…

Read previous post:
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...