1 in 5 Brits borrow money to pay for food
Money worries are affecting day to day lives as 36 per cent of Britons struggle to live on their salary
Money worries are affecting day to day lives as 36 per cent of Britons struggle to live on their salary
Britons are relying on savings and borrowing in increasing amounts in order to stay afloat with the rising cost of living.
The economic downturn has caused as many as one in five people to borrow money in order to buy groceries, according to a survey by consumer group Which? Those with savings are also hit as one in four have dipped into funds to afford everyday items,
The rising cost of living has also affected the way we spend. ‘We know consumers are worried about rising food and energy prices. Our research also highlights significant changes being made to other buying decisions,' says executive director of Which?, Richard Lloyd.
‘One in five people told us they had gone into debt just to buy food and other essential goods.’
Consumers are now much more likely to buy in discount stores and search for bargains online, while a separate study by Scottish Widows confirmed that consumers are putting their own savings in jeopardy in order to help family members in need.
According to Scottish Widows, £12,846 has been donated to families or loved ones since the economic crash in 2008.
Marie Claire Newsletter
Celebrity news, beauty, fashion advice, and fascinating features, delivered straight to your inbox!
This reflects a change in our traditional financial support systems, with nine per cent of adults admitting to subsidising their parents rather than the other way around.
Which? also found that these figures add up to a much lower satisfaction level among consumers, with just 61 per cent claiming to be content with their lives compared with 77 per cent in 2007.
The leading destination for fashion, beauty, shopping and finger-on-the-pulse views on the latest issues. Marie Claire's travel content helps you delight in discovering new destinations around the globe, offering a unique – and sometimes unchartered – travel experience. From new hotel openings to the destinations tipped to take over our travel calendars, this iconic name has it covered.
-
16 pieces of spring workwear from COS, Aligne and Jigsaw that are genuinely worth the investment
Nail your spring workwear wardrobe with minimal effort
By Valeza Bakolli
-
Trust me, tinted lip balms are the low maintenance way of adding a wash of colour without the stress - here are 7 of the best
From affordable to luxe, these are the ones I love
By Tori Crowther
-
Here's exactly how to get your feet sandal-ready in 6 simple steps, according to a nail tech
These are the products I rely on
By Tori Crowther