Rising food and fuel costs responsible for struggle to payday
Rising food and fuel costs, rather than mortgage or credit card payments, are the main reasons why British adults struggle to make ends meet, according to research by insolvency trade body, R3.
The survey found that nearly half of the British population (47%) struggle to payday. Of those who struggle, 67 per cent blamed rising food costs while 58 per cent blamed rising fuel costs for this – a significantly higher proportion than those citing other factors such as credit card repayments (32 per cent) and mortgage repayments (20 per cent).
The survey comes as figures show that an extra 300,000 households in the country could be forced into fuel poverty this Christmas. The Government’s Fuel Poverty Advisory Group estimates there are already six million households already in fuel poverty – that is a household needing to spend more than 10 per cent of its income on fuel for adequate heating.
Lee Manning, President of R3, said:
“There seems no hope in sight for low income families of any meaningful fall in the costs of essential foods and fuel. These latest energy price rises together with the cost of Christmas could push many over the edge. We would advise those who are struggling with debts to seek professional help, rather than automatically seeking more credit if dealing with long-term debt problems.”
For further information please contact:
Will Black, R3 Communications Manager
t: 020 7566 4215 m: 07917 422 485 e: email@example.com
Notes to editors:
– R3 is the trade body for Insolvency Professionals, and is made up of 97% of the UK’s Insolvency Practitioners.
– R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by one of nine recognised professional bodies.
– R3 stands for ‘Rescue, Recovery, and Renewal’ and is also known as the Association of Business Recovery Professionals. Website www.r3.org.uk
ComRes interviewed 2051 British adults online between 28th and 30th September 2012. Data were weighted to be demographically representative of all British adults aged 18+. ComRes is a member of the British Polling Council and abides by its rules.
R3 Press Office