Housing costs ‘a worry for 10% of Brits’

Almost ten per cent of all people across the UK have fears over whether or not they will be able to continue living in their current home, with many Brits suffering from financial worries concerning their rent or mortgage.

Research from homeless charity Shelter has revealed how one in 11 Brits fear they will not be able to pay their essential housing costs each month.

Overall, the survey polled 4,000 UK households and found that families with children are the most likely to be suffering from financial difficulties at present, with 70 per cent of this group describing concerns regarding their monthly income and outgoings. This compared to 63 per cent of the population in general.

Helpline adviser at Shelter Liz Clare commented that, in many cases, those who have worries regarding their finances fail to take action to address the problem, leading to a situation known as the 'ostrich effect'.

This means they are metaphorically burying their heads in the sand and not acknowledging they face serious financial issues that could lead them to losing their home.

"We all know how difficult it can be to face up to financial problems and we often hear from people who've been avoiding urgent post, but the reality is that not confronting it means things can spiral out of control," she said.

Indeed, the research showed how 20 per cent of individuals facing serious financial concerns do not open post if they believe it to be a bill or other payment reminder. Meanwhile, one in eight respondents stated they put this type of correspondence straight into the bin without opening it.

This is not a sensible course of action for individuals with financial concerns, as it is simply giving them a false sense of security, when the best thing to do is to face up to their responsibilities head-on.

Seeking financial advice is often the first thing they should consider, as this allows a professional to examine their finances, who can they offer them the best advice regarding possible solutions, such as debt consolidation or taking out an individual voluntary arrangement with their creditors.

Posted by James Francis