Research finds over nine million people borrow money for food
Research has found that over nine million people in the UK have borrowed money to pay for food over the last month.
The figure has come from a survey carried out for the Debt Advisory Centre in February and has revealed that 18.7% of respondents said they had to borrow money to buy groceries. The same survey last July found that only 6% of adults said the same, reports 24dash.
The borrowing of money to pay for food was most common amongst younger people and the figure has climbed to 33.6% of 18-24 year olds since July 2013. The amount of people borrowing was highest in London and people in the South West were least likely to rely on borrowing money to pay for their food.
Debt Advisory Centre Ian Williams said: “It’s very worrying that people have to borrow to pay for food at all, but the fact this figure is rising so sharply is a real cause for concern. Borrowing to pay for food is a danger sign that your household finances are out of control. If one of the reasons for this is that you are already struggling to make debt repayments then borrowing more will make matters worse. Either way, people should certainly seek expert debt advice.”
The survey questioned a nationally representative sample of 1,822 adults aged eighteen and over between 25th February and 7th March 2014.
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