More families resort to savings or borrowing to meet food bills | Debt Advice Foundation

More families resort to savings or borrowing to meet food bills

Latest figures from Which? suggest that as many as five million households either dipped into their savings or borrowed money to pay for food during April.

Out of this group, almost half (45 per cent) are low income families – with £21,000 or less coming in per year – and more than 80 per cent of them said they were worried about the cost of food.

Latest figures from Which? suggest that as many as five million households either dipped into their savings or borrowed money to pay for food during April.

Out of this group, almost half (45 per cent) are low income families – with £21,000 or less coming in per year – and more than 80 per cent of them said they were worried about the cost of food.

More than half of this group said they were going to have to cut back on food spending in the coming months, and two thirds said they were worried about the debts they had taken on.  About a third (32 per cent) said they had borrowed money from friends or relatives during April, by comparison with 13% of all those surveyed. 

Just a quarter of those who responded to the survey said they were comfortable on their incomes; around a third (36 per cent) said they were definitely feeling the squeeze.

For more on the Which? Consumer Insight Tracker findings, click here

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