A YouGov survey commissioned by StepChange Debt Charity highlights that a growing number of UK residents are borrowing to cover basic living expenses, with many struggling to meet household bills and credit commitments.
A recent survey conducted by YouGov on behalf of StepChange Debt Charity has revealed that 12% of people in the UK have resorted to borrowing money to manage basic living expenses over the past year. Findings from the survey, which questioned over 2,000 individuals, also show that 40% are struggling to meet household bills and credit obligations.
Of those surveyed, 24% have reduced their use of essential utilities like heating, electricity, or water to meet credit repayments, and one in eight indicated they could not handle an unplanned expense of £1,000 without borrowing.
The CEO of StepChange, Vikki Brownridge, pointed out the critical need for government action to tackle the issue of problem debt and to bolster the financial security of households. Responding to the findings, Jackie Spencer of the Money and Pensions Service advised those feeling financially overwhelmed to seek support from advisory services, including MoneyHelper.
In response to the research, a UK Government spokesperson referred to the allocation of £104 billion aimed at supporting families with living costs and mentioned the In Work Progression offer, which is intended to help low-income earners advance in the workforce.
The YouGov study for StepChange Debt Charity underlines the increasing difficulty a significant portion of the UK population faces in keeping up with financial commitments amid the pressures of rising living costs.
