Families' financial vulnerability revealed as two in five 'just get by'

Only 7% of households think they live 'comfortably'

The increasing strain on family finances is revealed today in a new report which suggests that two in five families feel they are ‘just getting by’.

The second report from Scottish Widows’ think tank, Centre for the Modern Family, suggests that just 7% of families up and down the country feel their lifestyle is comfortable.

According to the report, families are taking “increasingly desperate” measures as they try to cope with the impact of the recession. 

Almost eight out of ten UK individuals feel family life is tougher now than it was a decade ago and one in five of those surveyed for the report say they are struggling to cope financially.

It is the younger generation who are bearing the brunt of this strain, according to the report, with 18-to-34 year-olds more likely to have resorted to selling items online in the past 12 months to make ends meet in 32% of cases, compared with the UK average of 22%. That age group is also twice as likely to have taken out a payday loan to tide them over. One in five young people have even been left unable to pay household bills and one in eight (13%) have skipped meals in order to ensure their family eats well, the report suggests.

The findings mirror similar concerns raised by research carried out for Legal & General which suggests that over a million more households are struggling to pay their bills each month since the UK fell back into recession.

The Scottish Widows report is available here.

Today also sees the publication of new research carried out for life office LV= which shows that protection insurance is becoming increasingly important for parents for longer as the number of grown-up children still living at home rises.

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