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One million more households see finances worsen

Number of financially stable families plunges

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)
North East 104,000 59% 472
North West 184,000 62% 1,426
Yorkshire and Humber Positive 144,000 48% 864
East Midlands Positive 80,000 52% 832
West Midlands 90000 59% 1,062
East Anglia 180,000 48% 960
London 27,000 52% 1,404
South East 203,000 55% 1,595
South West 85,000 52% 884
Wales 50,000 57% 574
Scotland 255,000 57% 969
Northern Ireland Not audited Not audited N/A
Total 1,050,000 55% 11,550

Table notes

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.

More on this…

  • Help your money stretch further with our 10 ways to make extra cash online.
  • Save money on your gas and electricity bills with Which? Switch.
  • For help managing your finances, read our guide on How to deal with debt.

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