According to a survey by the Unite union, this situation is so bad for 12% of those surveyed, that they often resort to payday loans from the likes of Wonga.com to bridge the gap until payday.
Of the 350,000 surveyed by the union, 38% said they need bailing out by family and friends towards the end of the month and a third (30%) have second jobs or are dipping into their savings to make ends meet.
In a time when the real value of wages is increasing more slowly than inflation, it should come as no surprise that many are finding it increasingly difficult to meet the basic costs of living. Add to that the rising cost of fuel, utilities and food over the last couple of years, and you’ve got a recipe for hard times.
With yesterday’s ONS figures showing that tax receipts have fallen and public borrowing has risen in order to pay growing numbers of people claiming benefits, the situation is not going to get better any time soon. But on the bright side, inflation is the lowest it has been for a long time, sitting at 2.8% according to the latest figures and having fallen for three months in a row.
But this will be cold comfort for those who have dipped in to savings or charity from friends and family in the meantime…