Brits feel pressure of rising debts
The extent to which homeowners are under financial pressure has again been highlighted - this time by a Saga survey which shows that a quarter of those over the age of 50 are spending less on clothes and food in the wake of the credit crunch.
According to Saga, 21 per cent of the overall population is being forced to spend money which had been earmarked to pay off debts and buy essentials to cover increased energy bills.
While older Britons are more likely to cut back on bare essentials in order to pay their energy bills, those under the age of 50 are more in favour of commandeering cash which had been set aside to pay off debts.
This latter statistic is particularly worrying, Saga says, as an increasing number of youngsters are being caught up in debt during their time at university.
Another side effect is that fewer people can afford to save - one in six people say they are now saving less in order to pay their energy bills.
One area in which it appears Britons are not willing to compromise, though, is their social lives.
Just eight per cent of respondents to the poll said they would reduce their luxury items outlay in order to fund their energy bills.
September 10th 2008