New figures have revealed that around 11 million people in the UK are struggling to pay their bills.
According to SKY News:
Around one in five adults have found financial commitments to be a heavy burden from the start of the year, according to the Financial Conduct Authority (FCA).
The number of people struggling soared from 7.8 million last May to 10.9 million in January this year, the data showed.
Meanwhile, an extra 1.4 million people have missed loan or bill payments – rising from 4.2 million in May 2022 to 5.6 million at the start of this year.
The FCA released the figures after assessing more than 5,000 responses to its UK-wide Financial Lives survey of people aged 18 and above.
The research also laid bare the devastating impact the cost of living crisis is having on the population’s mental health.
Around 28.4 million people described feeling more anxious and stressed in January this year compared with six months earlier because of the tough economic climate.
More than a quarter – 28% – said they had lost sleep over money worries.
People revealed the measures they had taken to stay afloat – with one woman resorting to using credit to cover food shopping, home insurance and car repairs.
Another spent all her savings to fill her oil tank, which she relies on to heat her home.
One mum decided to take her son off her motor insurance while another woman stopped seeing her family as much due to the cost of driving long distances to see them.
Some 11% of those surveyed admitted to putting off financial matters – ignoring warning notices and leaving letters unopened.
