New research from Legal & General shows that a million households are worse off now than they were a year ago.
The research shows a marked drop in the number of ‘financially stable’ households who say they have some money left after paying bills each month. The number of households struggling to pay bills or sinking into debt has risen by just over a million (1,050,000) compared with 2010.
|Number of households struggling to make ends meet (by region)|
|Region||Worse off in last year||Struggling to cover expenses||Number of households struggling (000s)|
|Yorkshire and Humber||Positive 144,000||48%||864|
|East Midlands||Positive 80,000||52%||832|
|Northern Ireland||Not audited||Not audited||N/A|
Source – Office for National Statistics 2010; Legal & General Estimates; MoneyMood survey
Worsening economic position for many households
In September 2007, six out of 10 households said they had ‘some money left over after paying bills and debts’. By the end of September 2011, that figure had fallen to less than half of households (45%) a drop of around three million households in four years.
Which? affordable Energy Campaign
Rising energy bills are one of the biggest concerns for many families. Last month, Which? launched the Affordable Energy Campaign to help people spend as little as possible on energy. Our first goal is to get energy watchdog Ofgem to force energy suppliers to simplify energy tariffs. This will make it easier to compare the cost between energy suppliers and switch to the best possible deal.
We’ve had the support of over 4,000 consumers so far and we’re calling on you to help us tackle tariffs by taking action and emailing Ofgem.