The Money Stop

New research commissioned by Callcredit has revealed that 40 per cent of people in the UK would not be able to live off their savings for more than a month, rising to 53 per cent among people aged between 25 and 34-years-old.

One in four people have been forced to reduce their savings or stopped saving altogether because of the financial pressures they are facing due to the credit crunch.

Head of the credit reference agency Owen Roberts said: “Many of the UK’s workforce are at what could be described as a financial tipping point where just one unexpected unfortunate incident could have dire financial consequences.”

Mr Roberts advised people who are struggling financially to take an “active role” in sorting out their debts by reviewing their credit reports and bank statements to get a clear idea of how much they owe.

Credit Action recently warned people not to become too reliant on paying their essential household bills with credit cards.

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