Two in five UK adults are “just getting by” financially, says a new article from the Independent.
In a recent survey, a measly 7 percent of households described themselves as “financially comfortable,” while 13 percent said they have skipped meals to save money.
Of the 1,600 surveyed, one in five have used payday loans or borrowed from family in order to pay the bills. As well, one in five say they are often late paying bills.
Many mentioned lower wages and higher living expenses as primary reasons for money trouble.
Younger people seemed to be the hardest hit by financial woes — they take out payday loans at double the rate of older people.
Lord Leitch, chair of the Centre for the Modern Family, says: “Young people in particular are being hardly hit and face a very different kind of working life from the one that their parents and grandparents experienced. Affordable housing and a comfortable retirement can no longer be taken for granted, so young people now face an uncertain future.”
Coping with financial burdens can seem daunting at first. Cary Cooper, professor of organizational psychology and health at Lancaster University, recommends: “Asking for help is another way of taking back control and being pro-active.”
“Internalising your money worries will make them worse and will make you ill. A good place to start is a Citizen’s Advice bureau.”
This information is based on an article written by Samantha Downes, a freelance journalist with the Independent. Read her original article here.