Declining UK quality of life adding to debt concerns?

The declining quality of life enjoyed by people in Britain may be contributing to their debt fears, new research has suggested.

Individuals in the UK and Ireland currently endure the poorest existence in Europe according to the latest uSwitch.com Quality of Life Index.

The study revealed Brits are finding things tough due to high living costs, short holidays, late retirement and below average government spending on health and education.

On the other hand, the investigation revealed the best quality of life on the continent is to be found in France and Spain.

It has been shown the UK retirement age is now the fourth highest in Europe, behind Ireland, the Netherlands and Denmark.

Moreover, employees in Britain are granted one of the lowest holiday entitlements – with some countries offering workers an additional week's rest and the Spaniards being entitled to an extra three weeks.

Individuals face higher food and diesel prices in Britain than anywhere else in the continent, while the costs of unleaded petrol, alcohol, cigarettes and electricity all stand above the European average.

Furthermore, the life expectancy for Brits is lower than it is for many other nations, including France, Spain and Germany, while the amount spent on education and health in the UK is less than the European average.

Ann Robinson, director of consumer policy at uSwitch.com, said the picture looks bleak for British consumers.

Recent research carried out by R3 revealed many people in Britain struggle to make their monthly wages stretch across the entire four-week period.

By Joe White