July 11, 2022
2 mins read

Almost 4.5 mn families under financial difficulties in UK

The report published Monday described the lengths many are going to in order to save money…reports Asian Lite News

The number of UK households facing acute financial strain has risen by almost 60% since October and is now higher than at any point during the coronavirus pandemic, a survey found.

The abrdn Financial Fairness Trust and researchers at the University of Bristol estimated that 16% of households, or 4.4 million, are in “serious financial difficulties” and a further 20% are “struggling” to get by.

The findings illustrate the growing toll being taken by the worst cost of living crisis in a generation. The squeeze is set to intensify in October, when another spike in energy bills is expected to see inflation top 11%.

The pressure on the government to do more to help comes amid a period of political turmoil after Prime Minister Boris Johnson was forced to resign last week. In May, his government announced an extra £15 billion ($18 billion) in cost of living support but calls are growing for additional aid to be announced well before a successor for Johnson is chosen.

“Times are tough for everyone, but it’s those on the lowest incomes who are particularly feeling the effects of rising prices,” said Mubin Haq, chief executive officer of the trust. “Wages have largely stagnated and are no longer keeping pace with inflation; and social security is lower in real terms than it was over a decade ago.

A more comprehensive and longer-term plan is urgently needed to ensure living standards do not sink even further.”

More than half of those polled for the Coronavirus Financial Impact Tracker consider their financial circumstances to be worse than during the early pandemic. When the same question was asked in October, only a third thought their situation had deteriorated.

The report published Monday described the lengths many are going to in order to save money.

Of those in serious financial difficulty, 71% have reduced the quality of food they eat, 36% have sold or pawned possessions and 27% have canceled or not renewed insurance.

Steps to save on energy bills this year include bathing and cooking less, while more than a fifth of casual workers had stopped or reduced pension contributions. Single parents, social renters and households with children are being hit hardest.

“It’s particularly worrying that people are potentially storing up future financial problems for themselves,” said Sharon Collard, a professor at the University of Bristol.

ALSO READ-UK govt asks citizens to avoid non-essential travel to Lanka

Previous Story

Race for top job widens

Next Story

Iraqi man walks 6,500 km from UK to reach Mecca for Hajj

Latest from -Top News

Pak Army Chief Targets India Again

This is not the first time that Munir has indulged in loose talk, exhibiting conduct unbecoming an officer….reports Asian Lite News Pakistan’s Chief of Army Staff (COAS) General Syed Asim Munir on

Relief for Students: US Visa Cancellations Paused

More than 1,500 student visas have been cancelled so far…reports Asian Lite News The United States on Friday abruptly paused the cancellation of student visas issued to international students, according to reports.

Yunus Must Be Treated Like Hasina, Warn Islamists

Islamist group made these warnings to the interim government, terming the women’s reform body proposals as “anti-Islamic…reports Asian Lite News The radical Islamist group in Bangladesh, Hefazat-e-Islam, has issued a threat, stating

UN: Bring Pahalgam Terrorists to Justice

The members of the Security Council “stressed that those responsible for these killings should be held accountable..reports Asian Lite News The Security Council has “condemned in the strongest terms” the Pahalgam terrorist
Go toTop