Your money-making expert. Financial journalist, TV and radio personality.
A recent survey has revealed shocking statistics, which suggest nearly half of workers have had to borrow money in order to make ends meet. This includes borrowing from banks, payday lenders and loved ones such as family and friends. This covers the period of the last six months.
The study, which surveyed more than 2,300 people also showed that shockingly, only one in three people said they can afford the necessities needed to live. Almost two thirds of respondents said they had to spend less on basic food items and other essentials in order to afford their rising energy bills.
Many respondents also admitted to often having to choose between heating and eating. Some suggested they could not afford to both heat their homes and feed their families simultaneously. Heartbreakingly, some respondents also said they were choosing to only eat every other day. It is no surprise many people have chosen to borrow money.
“We face the perfect storm of wages plummeting as prices shoot up. It’s a disaster for workers.
“People are suffering, and this Government is doing nothing.
“The energy price surge was grimly predictable. Instead of blaming low paid workers who ask for a pay rise, ministers must get their act together and make the important decisions that can help bring stability to prices in the future, such as on new nuclear generation and gas storage.
“Meanwhile there is a strong case for wage support for some of the lowest-paid workers.”
“I can’t afford to have the heating on and feed a family of six. It has to be one or the other. Years of no wage rise beginning to bite.”
“I can’t afford to live, I feel depressed.”