02 January 2023 , 00:01
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More than a third of Britons would struggle to cover a £20 hike in monthly outgoings, research suggests today.
Polling for Citizens Advice found 37% of those surveyed would find it difficult or be unable to cope with the rise, with about 25% saying they would find it "somewhat difficult", 7% "very difficult" and 4% "impossible".
That climbed to 58% of people on benefits, 57% of people who have prepayment meters for their energy and 47% of ethnic minorities.
Citizens Advice chief executive Dame Clare Moriarty said: "Millions of households are at financial breaking point - running down savings, going without bare essentials and turning to foodbanks to get by.
"We're already seeing record numbers of people coming to us for crisis support and this research shows people simply cannot cut back any further.
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Citizens Advice chief executive Dame Clare Moriarty"Current government support is a sticking plaster which is quickly being exhausted due to the increased pressures people are facing.
"Without further targeted intervention, we risk another year of despair for millions of people."
The survey, of 2,000 UK adults by Public First last month, found 23% had spent more money on essentials than they had coming in over the last three months.
Two-thirds of those admitted they could only keep it up for six months or less without extra help.
A third had to dip into savings in the last three months to get by.
Some 56% of those either ran out of savings or expected to over the next three months, the polling found.
And 28% of those polled lost sleep at least once a week over their finances.
Around one in seven said they had been eating cold meals over the winter to cut energy costs.
Citizens Advice urged ministers to set out a clear plan on how the Government will target support to people who are struggling, or who are currently scraping by but could fall into hardship as costs continue to rise.
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