Debt and the general strain of falling incomes on consumers is manifesting itself in bad food choices as people opt for cheap products instead of healthy ones.
This is the conclusion of a study by Prudential, which has found 22 per cent of shoppers are eating less healthily because of the rising cost of living.
Its research found 75 per cent of Britons have changed their eating habits since the recession of 2008-09 began, with 68 per cent saying healthier foods are more expensive.
One in six focus on the reduced-to-clear sections in supermarkets and 11 per cent only buy foods on special offer.
And half as many people seek to improve their diet with healthier foods than four years ago.
Head of clinical health at PruHealth Dr Dawn Richards said: “People are only too well aware of the need to eat healthily, but financial constraints are making it difficult, resulting in peoples health being negatively affected.”
Another area where consumers have trimmed spending is on DIY, with Lloyds TSB revealing this has fallen to its lowest level in 15 years.
Football manager Sam Allardyce is reportedly pursuing agent Peter Harrison over a £370,000 debt owed to the former Newcastle United boss.
The debt with Allardyce, who has recently been appointed the new manager of West Ham United, dates back to a deal in 2005. The football boss granted a loan to Harrison and one of his high-profile clients of the time, Blackburn Rovers defender Lucas Neill, in order to fund a property deal in Gateshead. The loan was used to develop a run-down property called Laverick Hall Farm into fourteen homes, but the work was never completed and the site remains derelict.
Allardyce has said that he loaned the six-figure sum in good faith, fully believing it would be paid back with interest as the three parties had agreed.
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The economy cannot grow through consumers taking on more personal debt, the Trades Union Congress (TUC) has stated.
Discussing the upcoming Budget statement (March 21st), TUC general secretary Brendan Barber said the recoveries from the recessions of the early 1980s and early 1990s were driven by increased consumer spending.
“But with real wages still falling and the tax burden rising, the prospect of a spending boom fuelled by anything other than increasing household debt is looking unlikely,” he stated.
Mr Barber called for government spending cuts to be reversed as well as measures to encourage banks to lend and businesses to invest.
Many consumers have accepted they cannot go on funding their lifestyles through excess spending after the recent economic problems caused partly by such laxity.
Product and marketing director at Santander Cards Gail Goldie recently observed that there has been a significant change in attitudes and priorities by consumers, saying people are “increasingly paying down debts” as part of a drive to get their finances on an even keel.
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Manageable debt can easily spiral out of control when a person or family experiences a significant medical issue, layoff or other personal emergency. Overwhelming debt can leave debtors paying minimum balances, never getting ahead because of high interest rates and fees. Debt consolidation’s goal is paying off existing debt under a new program that ideally has lower rates.
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There are many good reasons to consider credit card debt consolidation. While it may not be the best solution for anyone, many have benefited from such types of consolidation.
Depending on your circumstances, you could consider Debt Consolidation if:-
- You find it difficult to stick to existing debt repayments
- You find it difficult to pay for everyday expenses
- Your existing debts have high interest rates and you would prefer one, lower interest rate
- You want to reduce your regular payments to a new lower amount
- You want to spread your current debt repayment out over a longer period.
As long as you do not find yourself tempted to use the paid-off credit cards, this type of consolidation should work very well.
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