Approximately 1 out of every 10 people within the UK, are struggling to manage the payment of their household bills, due to budgetary constraints.
One of the countries leading insurers has discovered that tightening economic conditions have forced certain people (homeowners in particular), to drastically reduce their spending output across all aspects of their lives, with more than 10% of people admitting to being unable to pay their bills.
The survey showed that the vast majority of Brits are curtailing their spending habits in response to an increased awareness of personal finances fuelled in part, by the credit squeeze.
Accordingly, older members of society have become most aware of their financial position, with the report detailing that some 20% of people aged 50 or above had reduced their spending output. On the opposite end of the scale, people aged between 20–30 remained the most active spenders, with some 25% of the demographic not phased or completely unconcerned of any affect that the current economical climate may have on them.
In related news, lenders across the country have reported a marked decrease in the number of people applying for secured loans in 2008. Experts suggest that housing market uncertainty has pushed “would be” secured loan applicants down alternative (unsecured) borrowing routes.
