01 Jul

Nearly 50% of People Feel Financially Worse Than Ever Thanks to Emergency Budget

We keep hearing that the economy is getting better. We have been learning to save money and live frugally for years now thanks to the economic recession. But do you actually feel better about the way that things are going for you financially? A new report by uSwitch reveals the shocking information that nearly half of all people surveyed say that they feel financially worse off now than ever before. This is due in large part to the fears caused by the impending Emergency Budget situation in Britain.

Some of the scary statistics revealed by the uSwitch poll include:

• 24 million people (49%) feel worse than ever before about their financial situation.
• Approximately the same number of people are experiencing a pay freeze which means they will be making the same amount of money for the foreseeable future.
• One out of 5 employed people are concerned about losing their jobs.
• 45% of people are concerned about their finances. This is due to financial issues like taxes as well as other economic issues like employment instability.
• Nearly 1 in 5 people have to borrow money just to keep up with their current bills.
• 14% of people are struggling to make the minimum payments they need to make monthly on loans.
• 4 million people expect to default on loans in the next six months and another 6 million people will struggle to make on-time payments.
• More than one out of five consumers will not be able to meet their minimum monthly payments if interest rates are raised by just 2%.
• A small percentage of people are choosing not to make major life changes such as getting married or starting a family because they are afraid that they can’t afford to.
• However, 3 in 10 people in Britain say that it’s a good time to emigrate since the economy is so bad there at this time.

These statistics reveal that people are scared about what is going on in their economy. They are already struggling to pay their bills and are afraid that the situation is only about to get worse for them. They are working on changing their spending behavior (reorganizing debt, spending less) before the Emergency Budget takes place.

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