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, 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 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.”