Seven million forced to borrow money to pay bills this winter

Now the clocks have gone back, and households begin switching the heating on, it’s estimated 7 million people are reliant on credit to pay their bills this winter according to research by Creditspring.

The research showed that as many as 15% of the adult population (8 million) readily admit they’ll be forced to borrow to get by in the next six months. Respondents in Northern Ireland (31%), London (17%) and the East Midlands (13%) the most likely to need to borrow.

Despite a slight dip in inflation, the survey suggests (25%) of UK adults – over 13 million people – have already been dipping into their savings each month just to make ends meet.

So much so, that one in five (18%) say they’ll need a loan once their savings run out.

However, for many, savings are now classed as a luxury, with the ongoing cost of living crisis depleting this financial cushion for many households.

One in five (21%) of adults – almost 11million people – don’t have any savings to fall back on at all!

Those more likely to have nothing to fall back on are based in London (20%), North East (18%) and Northern Ireland (17%).

30% say they are terrified for financial future and a third (33%) feel stuck believing there is nothing they can do to improve financial situation.

In total, almost four in ten (38%) – or 20 million people – say their financial future is unpredictable and they’re uncertain about their future position in six months.