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Bank charges: Babyboomers hit worst by bill rises

Close to half of households would struggle to pay an extra £99 for bills if they had to.

Research by Halifax has revealed that many households across the UK are stretched to the limit and would not be able to afford increases in bills.

The generations under most financial pressure are those in their 40s and 50s, with 18 per cent of both of these age groups admitting they would struggle to find an extra £24 a month for additional bills.

An explanation for the higher pressure on older generations is that they have already seen an above average increase in their essential bills. For those in their 40s and 50s energy bills increased by 29 per cent and mortgage or rental payments by 11 per cent, compared to averages of 26 per cent and nine per cent respectively.

“There is no quick way to ease the squeeze on households and many are already cutting back where they can. With so many households at full stretch it's even more important to make strict budgets and keep on top of finances and outgoings,” said Anthony Warrington director of  personal current accounts, Halifax.

The struggle to make ends meet means that many people turn to payday loans and can make their financial situation even worse.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801586764-ADNFCR

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