Consumers struggle with household finances

Keeping on top of day to day expenses is now more difficult for 1.3 million households than it was nine months ago, results of the latest Legal & General MoneyMood Survey show.

It reveals that around 12 million homes are on a fine line between meeting their living costs and falling into debt, which could lead to a rise in the number of tenant eviction notices being issued.

Mark Gregory, Legal & General executive director of savings said: "The continuing financial turmoil has created millions of households for whom saving has become almost impossible as they struggle to cover bills and debt repayments."

Additional figures showed that six in ten households no longer have enough money coming in to be able to set any aside in savings accounts.

Credit Action recently revealed that 1,271 people are made redundant on a daily basis, with 829,000 of them remaining unemployed for 12 months or more.

Keeping on top of day to day expenses is now more difficult for 1.3 million households than it was nine months ago, results of the latest Legal & General MoneyMood Survey show.

It reveals that around 12 million homes are on a fine line between meeting their living costs and falling into debt, which could lead to a rise in the number of eviction notices being issued.

Mark Gregory, Legal & General executive director of savings said: "The continuing financial turmoil has created millions of households for whom saving has become almost impossible as they struggle to cover bills and debt repayments."

Additional figures showed that six in ten households no longer have enough money coming in to be able to set any aside in savings accounts.

Credit Action recently revealed that 1,271 people are made redundant on a daily basis, with 829,000 of them remaining unemployed for 12 months or more.

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Published on: July 5, 2011

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