About 11 million Britons are struggling to pay their living expenses.
City regulator, one of the largest financial authorities in England, announced that 10 million and 900 thousand adults in this country have problems paying expenses and repaying their loans.
According to this report, the number of adults who are involved in this issue has increased by 3 million and 100 thousand people since May 2022, that is, in May of last year 7 million and 800 thousand people had problems with paying their expenses, but in January 2023, 10 million and 900 thousand people are unable to pay their expenses.
The results of the survey also showed that 29 percent of adults with mortgages and 34 percent of renters saw an increase in costs in the 6 months ending in January of this year.
Also, some people have reduced their medical coverage in order to reduce the pressure of daily living expenses. Based on this, 8% of people who used insurance services and support policies last spring canceled one or more of these policies and 7% reduced their insurance coverage to face the costs. To have a little money in a hectic life. Meanwhile, about 6.2 million adults who used these two types of services in May 2022 canceled both in January 2023.
This financial authority noted that the relevant insurance companies should support their customers and cooperate with them to solve their problems in paying expenses. In addition, in this research, it was found that the sudden increase in the cost of living has a direct effect on the comfort and peace of mind of people.
Based on this, about 28,400,000 people in January 2023 have become more nervous and stressed due to the increase in living costs compared to 6 months before. About 28 percent do not sleep well at night due to financial concerns.
Meanwhile, the spokesperson of the British Ministry of Finance announced that the banking and financial industry is fully committed to supporting customers who have problems with repaying their loans. Lending banks should cooperate with their customers and find a way to solve their problems. Anyone concerned about their financial situation should contact their lending bank and raise the issue.
