UK families under increasing debt pressure

The pressure that UK families are under as a result of debt is being highlighted by the Relationships Foundation as part of National Family Week.

The foundation has collated a range of data and statistics from a number of sources to reveal the extent of the problem.

Eurostat figures from 2008 show the UK has a higher percentage of families with ‘critical debt’ than anywhere else in Europe. A total 13.9 per cent, or 1.05 million families, have debt which adds up to more than their take home pay each month.

This compares to a European average of just 2.3 per cent.

Research by Aviva suggests the amount of average unsecured debt held by couples with two or more children increased by almost a fifth between January and May this year from £5,248 to £6,200.

And moneysupermarket.com figures show five million Brits permanently live in the red.

The Relationships Foundation is now concerned about the stress and strain money problems are putting on relationships.

Behind each statistic is a family under pressure. That pressure can break up families, at a cost of £42billion to the British Taxpayer every year.

If family-friendliness is to be more than a fuzzy phrase, the Government needs to come forward with a tough strategy for combating the pressures families face.