According to a new report from Halifax, 46% of UK households would struggle financially if monthly expenses rose by £99. Of those questioned, 26% would have a hard time covering an increase of £46, and 13% would not even be able to find an additional £24 each month!
Experts say an increase in goods and services, in addition to low wage inflation, has put pressure on households looking to get by each month.
“Rising prices are putting disposable income under increase pressure, but with essentials such as mortgage/rental payments, food, and energy/fuel bills taking up the largest chunk of household spending, it leaves some households with little room for manoeuver,” Anthony Warrington, a director at Halifax, described. “There is no quick way to ease the squeeze on households and many are already cutting back where they can.”
The report also takes a look at which age groups feel the most pressure on their budgets.
For more information on the new report by Halifax, or to read the full article published on YourWealth.co.uk, please click here.