Credit crunch ‘has left people struggling’

A quarter of the UK’s population is struggling to keep control of their finances as a result of the credit crunch, new research from Axa has found.

Figures from the company show that a total of 11.6 million people are having difficulties with their money – 1.3 million of whom have admitted their finances are ‘totally out of control’.

And over 3.7 million are struggling to cope with credit card debt, while 6.1 million have spend all their savings since the financial downturn took hold.

Axa’s Steve Folkard explained that the effects of the credit crunch are “hitting people hard”.

And he urged people to take control of their finance, noting: “People who bury their heads in the sand will find it difficult to avoid financial difficulties during a recession.”

Recent research by Axa found that the average 18-year-old will spend nearly £1.75 million in today’s money throughout their lifetime.

By Tom Musk