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Consumers 'feeling the squeeze'
Wednesday July 25th 2012
A combination off plummeting savings and rising debts has left consumers "clinging to the edge of a financial cliff", resulting in them spending one week a year worrying about their finances, according to a new study.
Which? published the findings in the first of a series of Quarterly Consumer Reports into how people in Britain are coping with the economic downturn. The report stated the average person now spends three hours and 15 minutes a week agonising over money issues.
In addition, it found an increasing number of people are being forced to take on extra debt in order to get by, with nearly half of young people aged 18 to 29 running out of money each month.
"Consumers in Britain are going through the tightest squeeze in their living standards since the 1920s," said Which? executive director Richard Lloyd.
"Shocking numbers of people say they are forced to take on new forms of debt just to make ends meet, and many more would not cope with unexpected shocks to their incomes or household bills."
Copyright Press Association 2012
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