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News Article

2.5m households 'struggling to pay bills'

Published 22 November 2012 by

Research from Legal & General indicates that 2.5 million households in the UK are struggling to keep on top of their monthly bills.

According to the latest MoneyMood survey, there's been no sign of improvement in the strength of household finances since the same period 12 months ago.

Overall, around 300,000 more British households say they are having real difficulty paying bills and staying out of debt than before the onset of the recession two years ago.

The results of the survey suggested a North/South UK divide when it comes to the number of households who say they're struggling to manage their finances. More households in the South appear to be struggling to make ends meet, with this number falling in the middle and North of the country.

Furthermore, in November the MoneyMood survey started tracking how many households say they are in fuel poverty (when a household has to spend more than 10% of its income on energy). Around 2 out of 5 homes say they are currently in fuel poverty, or could soon be.

With the cost of gas & electricity on the rise, it's perhaps not surprising that more and more people are having trouble keeping on top of their energy bills, along with all their other essential monthly costs. However, there are steps you could take to help make sure all your bills are met.

A spokesperson for thinkmoney commented: "If you're looking for some reassurance that all your important monthly bills will be paid on time every month, the thinkmoney Personal Account could be ideal. It's an alternative to any kind of bank account you'll find on the high street and comes with a built-in budgeting service.

"Every month, our Money Managers will set aside the money you need for all the bills you tell us about. This means that you won't have to worry about spending the money you need for life's essentials and you can rest assured your bills will be paid on time, helping you avoid any financial problems."