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Debt help may be needed for families under financial pressure

Debt help may be needed for families under financial pressure

- Monday, 18 January 2010

Debt management may be needed by the increasing number of parents who are being forced back to work to make ends meet.

Three out of five (60 per cent) of households with children are now reliant on two or more incomes to maintain a comfortable standard of living, according to new figures from the Scottish Widows Protection Report.

The average family has £91,648 still outstanding on their mortgage, an increase of nearly £3,000 on last year, and has carried over £8,653 in short term debt over the last three months compared to a typical £7,003 for those with no children, states the report.

Scottish Widows' Protection director Clive Allison said the increasing debt levels for families with children was a concern.

"Families need to make sure they protect themselves financially so if they do get into difficulties they have the vital back up in place to look after their families and loved ones," he said.

The latest figures from the Office for National Statistics (ONS) indicate that the average UK household weekly expenditure in 2008 was £471, up from £459.20 the previous year.ADNFCR-2300-ID-19561965-ADNFCR
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