Bills are becoming a bigger problem for Brits.
24 September 2009
The recession has financially impacted upon a large number of Brits to the extent where they currently struggle to pay their bills.
According to recent research, 12 million people are fighting fiscal difficulties on a monthly basis.
The Bright Grey report suggested that this number could rise to 18.8 million (39 per cent of the population) if bills were to increase by £50 per month.
An UK household now spends 68 per cent of its average individual income on essential bills, with the figure rising for families.
The biggest costs are rent or mortgage payments, food and transport - with the latter increasing thanks to a 325 per cent rise in fuel bills since 2003.
Roger Edwards, proposition director at Bright Grey, explained the findings show many people are just £155 per month away from real trouble.
"The frightening truth is that many Brits are already struggling to afford their monthly bills," he said.
Meanwhile, HiFX has reported that the struggling sterling has led to a large proportion of ex-pats returning to the UK.
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