Mortgage payment set to reach £700 by 2015

Homeowners are set to pay on average

Brits miss 15 million payments as household bills rise

Brits missed 15 million bill payments in the last 12 months because of the ever increasing cost of running a home in the UK, a report has said.

The research, conducted by Moneysupermarket.com, found that these missed payments equate to a total of

Those with a mortgage more likely to suffer from mental health problems

Those who have to pay their mortgage each month are at risk of suffering from mental health issues according to recent research.

The research also revealed that this was largely because personal debt heightens the risk of suffering from mental health problems.

The findings published in 'The Relationship Between Mental Well-being And Financial Management Among Older People', found that over-50s were more susceptible to financially-related mental health issues.

According to independent.co.uk, in 2013 bankruptcies among over-65s saw an increase of 470 per cent and the amount of debt also increased for over 55s, who now have 36 per cent more debt than in 2011.

For the report, researchers surveyed nearly 20,000 people and asked them questions regarding their happiness and well-being. Participants were asked about their sleeping habits, day-to-day activities, concentration levels and whether they found decision making easy.

The report also found that those who were divorced, unemployed or female were all more likely to experience mental health problems of some kind.

David Hayes, author of the research and research associate at Bristol University's Personal Finance Research Centre, told dailymail.co.uk that the effect that personal finances have on an individual's mental health is 'staggering'.

Mr Hayes said: “The research proves beyond all doubt how poor mental well-being and poor financial management are inextricably related, and has implications for policy in the fields of health and debt.”

Brits' budgets stretched by rising household bills and poor wages

Britons are struggling to stick to their budgets as a rise in household bills and below-inflation pay increases take their toll.

Recent figures released by Shelter found that around one in ten Brits are worried that they will not be able to afford their mortgage or rental payments at the end of each month, cleardebt.co.uk reports.

The research also found that families were more likely to struggle with their personal finance, with 70 per cent of those with dependants falling behind with their payments compared with 63 per cent of the general population.

A survey conducted by the Office for National Statistics has found that this is causing many adults in their 20s and 30s to move back in with their parents. This age bracket has been hit the hardest by unemployment and those who live with their parents are twice as likely to be unemployed, preventing them from ever being able to move out.

Campbell Robb, chief executive of the housing charity Shelter, told independent.co.uk that these figures are another example of how rising house prices are taking their toll on Brits.

Mr Robb said: “Sadly, these figures won't be a surprise to the thousands of hard-working young people still living in their childhood bedroom. Our research shows close to half of parents believe their children will never be able to afford a stable home, despite working hard and saving.”

Npower cuts energy prices by lowest rate yet

Npower has announced that it will be cutting its energy prices by just 2.6 per cent, the lowest percentage of all the big energy providers, despite previously implementing the biggest price rise in the winter.

Around 2.6 million customers will see their energy bills reduced by an average of

Technology fails to help Brits budget

Despite the use of online banking and smartphone apps, the majority of Britons have said that it is harder to save money these days than it was a decade ago, a report says.

The results of the report conducted by ING on behalf of the Personal Finance Education Group (PFEG), found that 60 per cent of respondents found managing their finances tougher today than they did in 2003.

Those surveyed also expressed deep concern over the level of education that young people receive about managing their finances; with just five per cent of them being happy with the current financial education they are given. According to cleardebt.co.uk, this demonstrates the need for parents to speak to their children about budgeting from a young age.

As society moves towards a cashless system, Tracy Bleakley, chief executive of PFEG, believes that the increasingly common use of bank cards makes it harder for people to keep tabs on their finances.

Whilst speaking to financialreporter.co.uk, Ms Bleakley said: “Money is a lot less tangible than it once was… As a society, we are going to have to work even harder to give young people the financial skills and knowledge they will need throughout their lives.”

Tenants being taken to court as the struggle to pay rent

There has been an increase in the number of landlords that are taking their tenants to court in recent months due to payment issues, statistics suggest.

Debt statistic released by The Money Charity have revealed that renters across the UK are struggling to keep up with their payments each month as personal debt  in the UK reaches new highs.

The number of orders for possession has also seen a significant increase with 70 per cent of court cases ending in some sort of order.

According to cleardebt.co.uk, the main reason for people being unable to pay their rent on a monthly basis was because they were in such a significant amount of debt. The Money Charity said that during the month of October, the average household in the UK was in debt by

Student struggles – How to keep to your budget

University can be a big shock to the system when you're expected to leave your home comforts behind and embrace the harsh reality of doing your own washing, cooking for yourself and making sure you make it to the majority of your lectures. If that wasn't hard enough, you also have to keep to a relatively tight budget to ensure you have enough money to eat and enjoy a healthy social life.

Now we all know that being strapped for cash and being a student go hand in hand. You know the feeling of being at the wrong end of your overdraft, desperately waiting for the text from Student Finance to confirm that you have received the next instalment of your loan. Despite this, it is actually possible to enjoy your time at university and stay out of that overdraft. Here are a few ways in which you can do that…

Shop big!

Whatever you do, the easiest way to save money on food is to make sure you are shopping at a supermarket rather than a convenience store. Although the Tesco Express might be just at the end of your road, it will always be more expensive than any large supermarket and you will not find the same money saving offers that supermarkets often have.

It is always surprising just how much food costs, but buying in bigger quantities can make sure you save on your food shops. Things like rice and pasta never properly go off, so buying them in bulk at the beginning of the year is a good idea. It is also advisable to stock up on frozen meats and even vegetables as they are generally cheaper than fresh food yet they last considerably longer.

Night out, not nightmare

Nights out are an essential part of life as a student and will most likely make up some of your best (and worst) moments at uni, and therefore they need to be accounted for in the budget. Now when you're on a night out, it is not uncommon to forget about your budget and buy round after unnecessary round on your bank card, but there is a way to avoid this.

Before you head out, go to a cash machine and take out the amount of money that you want to spend whilst out at the bars and leave all your bank cards at home. This way you can't spend money that you don't have on those extra drinks that you probably don't need.

Don't be fooled by student offers

Every student town and every business within these towns knows that students are always on the lookout for a bargain. This means that there are a plethora of offers and discount schemes that restaurants, clothes shops and bars all run to pull in the local students. Make sure you take advantage of these, but don't think that just because they say 'student savings', it automatically means you are getting a good deal. Spending

Nurses use payday loans as income drops

A survey has found that nurses across Britain are beginning to rely more and more on payday loans and borrowing money from loved ones, due to their falling monthly income.

The survey conducted by Nursing Standard spoke to over 1,200 healthcare assistants and nurses and found that more than 50 per cent of them have taken on extra shifts to boost their income, while 10 per cent of them have a second job outside of nursing.

More than a third of respondents said that they had to go without heating, and more than 70 per cent had not gone on holiday, standard.co.uk reports.

The survey said that the main reason why take-home pay had fallen so considerably was due to increased pension contributions, while pay had dropped by 9 per cent in real terms since 2010.

Unite general secretary Len McCluskey told huffingtonpost.co.uk that the government is not paying adequate attention to the needs of the people keeping the NHS up and running this winter. The government is being irresponsible and is oblivious to the struggles of normal people.

Mr McCluskey said: “Economic recovery may be being enjoyed within the super-wealthy circles in which the Prime Minister moves, but it is passing ordinary people by.”