Finances Still Tight For Consumers

25 Sep, 2014

Despite a much improved economic situation in the UK, over a third of people feel that their finances have not improved in the last 12 months.

According to research by two out of three Brits find their ever increasing utility bills a source of financial stress as well as seeing their budgets stretched to cover the rising cost of food.

Three quarters have adopted money-saving techniques in the past 12 months, with women appearing to be the most financially savvy. While women were more likely to adapt their lifestyles to suit their budgets – 42 per cent of women changed their shopping habits to cheaper alternatives, compared to just 28 per cent of men.

The report revealed men were much more likely to take out additional finance to maintain their standards of living. Some 42 per cent of men said they had borrowed money compared to just 28 per cent of women.

Almost half of people have increased their credit card borrowing, while 30 per cent owe money to the bank and just under a quarter are repaying a loan company.

A spokesman for VoucherCodes, 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.”