1/3 of people could not cover unexpected financial expense

Over one-third of people in the UK would be unable to meet an unexpected financial expense.

This is according to figures from the Office for National Statistics released yesterday (January 16th), which looked at poverty and social exclusion in the UK between 2005 and 2011.

It found that in 2007, some 21.4 per cent of people could not afford a holiday, but this figure rose to 29.7 per cent four years later as the economic downturn continued to have an effect on the spending power of individuals.

Because of this, consumers up and down the country may need debt help in order to stop their financial situation spiralling out of control.

Some 16.2 per cent of people in the UK were found to be at risk of poverty in 2011 and if this pattern continues, these individuals will need assistance in order to turn their circumstances around.

By James Francis