Almost half of the UK “just about managing” financially, says new report

Almost half of the UK consider themselves to be “just about managing” financially, according to a new report released on Monday.

The survey conducted by providentpersonalcredit showed that 47 percent of the 2,000 adults surveyed said they struggled to balance their budgets, especially when taking into account unexpected expenses. Almost 14 percent said they had to give up necessities like food and daily travel costs to pay for unexpected items, with a further 11 percent of respondents saying they had to give up holidays and seasonal events like Christmas to pay cover the cost.

The survey results also showed that the average UK household suffers 4 unexpected expenses a year, with the average Brit taking 4 months to pay off the costs, and 8 percent of the UK continuing to pay after 10 months.

The survey also detailed the areas of the UK where individuals struggle most, with Coventry toping the list. 70 percent of Coventry residents admitted to being JAMS, followed by Chelmsford at 63 percent and Bristol at 58 percent.

One of the biggest unexpected expenses troubling Brits are cars – costing £226 on average a year in unexpected costs. 52 percent of respondents said they’ve had at least one car-related unexpected expense last year and 18 percent admitted that they knew about the issue but left it to get steadily worse.

Other expensive items include pets, Christmas and ‘leisure’.

Theresa May recently vowed to make things easier for JAMs in the Autumn Statement. Since reaching power she has spoken frequently of her desire to help people from “ordinary working class” families.

Th thinktank Resolution Foundation defines JAMs as “low to middle income households as comprising those in the bottom half of the income distribution who are above the bottom ten per cent and who receive less than one-fifth of their income from means-tested benefits.

“This covers around six million working households and ten million adults.”