A new research has found that almost 1.5 million more British families are under financial pressure than a year ago, despite signs of an economic boom.
The research commissioned by Which? concluded that one-third of households (34 percent) in the UK, equal to 9 million families, are now feeling financially squeezed, up from an estimated 7.5 million households last July.
The research also found that families are continuing to come under pressure from inflation, which surged to a 14-month high in June.
Which? said that rises to costs such as food prices and energy bills mean that people are relying more on credit to get by, with an estimated 6.1 million households dipping into their savings each month on average over the last year to get by.
“Consumers are looking on the bright side but millions more households are facing a prolonged squeeze on their finances. This implies they are getting used to the tougher financial climate or relying more heavily on savings or credit to get by”, said Richard Lloyd, Which? executive director.
“Consumers may be aiding our fragile economic recovery but using savings and getting into debt is not sustainable and more people are now feeling the squeeze.
“The Government must do more to keep spiralling housing, food and energy prices in check”, added Lloyd.
More than 2,000 people took part in the research in June across the UK.
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Republished with permission from: Press TV