Inflation takes its toll on Brits' finances

Homeowners are continuing to struggle to meet the rising cost of living, which may lead to a rise in the number of eviction notices being served.

Research from moneysupermarket.com highlights that a quarter of people already believe they have reached their financial breaking point, as inflation hit 4.5 per cent in April.

Over the past six months alone, weekly outgoings have increased by £54, the website estimates, with many consumers revealing that they could not cope with any further rises.

"For families struggling with day-to-day costs, spending wisely, using discount vouchers and shopping around for the cheapest deals on their borrowing and household bills should all be top priorities at the moment," explained Kevin Mountford, head of banking at moneysupermarket.com.

Insolvency trade body R3 recently warned that although official statistics may show that people's finances are improving, many are still facing real financial hardship.

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Published on: May 17, 2011

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