Consumers ‘facing financial pressures’
Britons are finding it more and more difficult to save money due to a variety of factors that put pressure on their finances, it has been claimed.
Gareth Mackie, a spokesperson for Halifax, explained that "day-to-day living costs" such as council tax bills, mortgage payments and rising petrol prices are largely responsible for squeezing people's wallets.
The bank recommended that those who are struggling with financial matters should first pay off their bills before obtaining additional credit, and then contact their bank or building society if they need further help.
"It's not in anyone's interest for people to get into financial difficulty so don't leave it until things are in a precarious situation," he said, adding that "consumer borrowing is an aspect of today's economy".
Recent research by Sainsbury's Bank reveals that 43 per cent of Britons under 24 and 41 per cent of over-65s said they found it impossible to save money.
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