Abacus Daily Debt News

Rising inflation adding to financial pressures?

High inflation may be adding to the debt concerns of many people in the UK.

According to a new poll carried out by moneysupermarket.com, more than half of those questioned (56 per cent) claimed they have had to dip into their savings because of the trend - suggesting people's financial security may be under threat.

Moreover, a further 26 per cent admitted they would do the same if they needed the extra money.

Clare Francis, site editor at the website, noted: "Poor savings rates coupled with rising living costs are really squeezing British families."

The industry figure added Brits "face an uphill struggle" as they attempt to generate value from their savings while also battling against increasing living costs.

Editor of CashQuestions.com Annie Shaw recently observed it is costing individuals an increasing amount of cash to maintain a decent standard of living as prices for goods keep getting more expensive.

By James Francis