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Joanna Parsley, associate director of the organisation, highlighted how inflation is currently running at 4.5 per cent, which shows how much the price of food and other goods are going up.
Another key pressure on family finances is the price of utilities, with Ms Parsley noting that the situation will only get worse for UK families as these costs rise.
"Family budgets in 2011 have already been squeezed because of the VAT increase at the start of the year and because of the increasing cost of living," she remarked.
In her view, it is people who utilise credit cards and other high-interest products to buy essential items that are in the most trouble.
A study by moneysupermarket.com found that Brits are currently most troubled by the increasing cost of household bills. In a survey, over one in three people said this issue worried them.
Posted by Chris Weaver
