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One-in-three Brits still feels the financial pinch

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Written by: Lucinda Beeman
17/09/2014
Despite the recovering economy 37% of Brits feel that their finances have worsened in the past year.

According to research by Voucher Codes 65% of Brits find their skyrocketing utility bills a source of financial stress, while 62% have felt their budgets stretch to cover the rising cost of food. The expense of running a car, rising rents and high commuting costs have also caused stress.

Three quarters have adopted money-saving techniques in the past 12 months, with women appearing to be the savvier sex by far. While women were more likely to adapt their lifestyles to suit their budgets – 42% of women changed their shopping habits to cheaper alternatives, compared to just 28% of men – men were much more likely to take out a loan to maintain their standards of living. Some 42% of men said they had borrowed money compared to just 28% of women.

Almost half of Brits have accumulated credit card debt, while 30% owe money to the bank and just under a quarter are repaying a loan company.

Claire Davenport, managing director of Voucher Codes, said: “As we head into the winter months it seems the summer season has left Brits feeling the pinch.

“It’s clear the debt problem isn’t going away any time soon, but there are lots of resources available with advice on everything from budgeting to switching utility providers to help householders get back in the black.”

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