Many UK families under ”extreme financial pressure”, claims new report

Nearly four out of ten families say they are too stretched to take on any additional financial obligations, warns a new report from Aviva.

Nearly four out of ten families say they are too stretched to take on any additional financial obligations, warns a new report from Aviva.
The Aviva Family Finances Report reveals a third of families have no savings and 40% save nothing each month.
The findings suggest that some people who have saved in the past have stopped doing so, claims Aviva.
Even among families that do save, a quarter said they had less than £2,000 put aside so they’d have little to fall back on should an emergency occur.
Possible mortgage rate hikes over the next six months were worrying for 13% of those families polled.
Almost two thirds of families in the UK own their own home -  housing is the largest single expenditure, making up one fifth of their monthly outgoings.
The report found the average mortgage debt is £89,018 and the average credit card/overdraft debt is £5,360.
Single parents families are those likely to struggle the most financially, with 60% having no savings and 62% not managing to save anything each month.
Louise Colley, head of protection marketing at Aviva, said: ”This report gives us an interesting insight into the financial issues facing modern families in the UK.
”Not surprisingly, in today’s society, some families are struggling to make ends meet and 39% feel they cannot take on any additional financial obligations.
”While it is encouraging to see that most families are trying to save something every month, it is clear that other demands on their finances mean this amount remains below what is needed to guarantee a secure financial future.”

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