The third annual “Priorities of Life” index from Scottish Widows revealed that 16% of the UK population have no money left over after they have paid out their essential expenditure.
8.2 million people have no disposable income after paying their living costs, food and unsecured credit commitments. Another 9.8 million people are left with less than £50 at then of the month.
The survey uncovered interesting facts and statistics about the financial situation people face today. Rising fuel costs, food and utility bills are taking its toll on the average consumers’ finances and ultimately it’s leaving less money in the pockets of 18million Brits.
Almost 30% of the survey admitted they have changed their spending habits which have included cutting back on their luxuries such as holidays. 29% also confirmed they had stopped saving money too.
People struggling to make ends meet every month and with debt problems should seek professional debt advice from a debt advice charity. If you would prefer face to face debt advice then your local Citizens Advice Bureau should be able to help.
Telephone and internet debt advice is available from Debt Support Trust on 0800 085 0226 or by completing the debt analyser below.
There are various options available for people struggling to manage their debt. The correct debt advice will depend on your personal and financial situation. For accurate debt help you should speak with a qualified debt advisor who can explain the range of debt options available to you.
Debt Support Trust is a registered debt advice charity helping people on a not for profit basis. We provide our debt help after completing a 10-15 minute income and expenditure. This income and expenditure ensures we understand your personal and financial situation and can provide the appropriate debt solutions for you.
You are under no obligation to follow our advice and everything you tell us is confidential.