Brits Struggle with Living Costs
British families are under financial pressure in the current economic climate, with many struggling to meet everyday living costs, new research reveals.
The Family Finance report from Aviva showed 39 percent are too stretched to take on any financial obligations, meaning many cannot afford to save for the future.
The greatest concerns were the significant increases in the cost of necessities, of which 57 percent are worried for the short term (six months) and 54 percent for the long term (five years).
Redundancy is a concern for 45 percent in the short term, and 49 percent in the long term, while unexpected expenses are worrying 39 percent and 37 percent in the short and long term respectively.
“This report gives us an interesting insight into the financial issues facing modern families in the UK,” said Louise Colley, Aviva’s head of protection marketing.
“Not surprisingly, in today’s society, some families are struggling to make ends meet.”
A further 13 percent admit a rise in mortgage repayments, with a rise in the base rate, will have a significant impact on their standard of living over the next six months, and 18 percent worry about how this will affect them in the next five years.
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