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Brits living beyond their means
New research has revealed that a large number of Brits live beyond their means.
A study from uSwitch.com highlights that 11 per cent of people living in the UK, amounting to 5.4 million individuals, spend more than they earn.
In addition, 26 per cent break even at the end of the month and 53 per cent have less than £100 left in their bank account.
The most common ways of plugging the gap between people's outgoings and earnings are overdrafts (48 per cent) and credit cards (34 per cent).
Almost a fifth of people rely on borrowing cash from their friends and family to make ends meet.
Ann Robinson, director of consumer policy at uSwitch.com, commented: "The economy may be on the mend but millions of consumers are still struggling to make ends meet. People will be looking to the chancellor to help ease the burden through his next Budget. Instead there is a danger that he will take more money out of our pockets."
Recent research by Nationwide highlighted that 80 per cent of consumers described themselves as regular or occasional savers in February 2010.