May 18, 2024

Household budgets ‘at breaking point’, says Shelter

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One in eleven people in Britain fears they won’t be able to afford to pay the rent or mortgage at the end of this month, according to new findings from housing charity Shelter.

The research, based on a YouGov survey of over 4,000 British adults, suggests that millions of us across the country will be starting the new year worried about whether we’ll be able to keep our homes.

According to the charity, a combination of high housing costs, wage freezes, and rising food and energy bills has created a nightmare scenario for many households that’s pushing them to breaking point.

Families are worst affected, with seven out of ten rent or mortgage payees with children currently struggling or falling behind with their payments.

The shocking findings reveal a worrying trend of people unable to face up to their financial difficulties, with nearly one in five saying they’ve not opened post if they thought it was a bill or late payment reminder. An alarming one in eight even admits to putting it in the bin without opening it.

With almost two in five expecting to struggle or fall behind with their rent or mortgage in 2014, Shelter is urging anyone worried about their housing costs to get help.

“We all know how difficult it can be to face up to financial problems and we often hear from people who’ve been avoiding urgent post, but the reality is that not confronting it means things can spiral out of control,” said Liz Clare, a helpline adviser at the charity.

“We hear from people every day who are struggling, so you are not alone. Our message to anyone struggling to pay their rent or mortgage is that we’re on your side. Come to us for help early on for the best chance of keeping your home.”

 

Source: https://www.moneyadviceservice.org.uk/en/news/household-budgets-at-breaking-point-says-shelter-03012014