One Quarter Of UK Population Struggling With Monthly Bills
There has been plenty of talk about economic recovery over the course of the past couple of months and the fact that the UK is slowly moving in a positive direction, albeit slowly.
However, the effects of the recession have taken their toll on a large number of individuals in the UK, with somewhere in the region of 12 million people, or 25 per cent of the population, struggling to manage their finances and keep up with their monthly household bills as well as their personal loan, homeowner loan and credit card bills, according to a new survey published by the protection insurance company, Bright Grey.
The survey has also revealed that this number could increase to around 18.8 million, or 39 per cent of the population, if their monthly bills were to increase by just £50 per month, which could happen quite easily if, for example the interest rate on their homeowner loan or mortgage were to increase. The average person in the UK spends around £1,378 every month on essential payments such as homeowner loan, personal loans, monthly utility bills and food shopping, which works out at 68 per cent of the average take home pay.
For anyone with a family, this figure increases to £2,001. The survey also calculated that more than half the population would not be able to cope financially if their monthly outgoings increased by just £100, a worrying thought if interest rates o loans increase even slightly in the near future.
Roger Edwards of Bright Grey commented, he said “The report reveals the average Brit is just £155 away from a money meltdown. The frightening truth is that many Brits are already struggling to afford their monthly bills and all it would take is a small increase in bills or a drop in income for people to find themselves in trouble.”
