Press releases

1 in 8 homes struggling to make ends meet according to our latest MoneyMood survey.

John Pollock - Group Board Director - Legal & General's Risk business
John Pollock
Legal & General Assurance Society

12 August 2014

John Pollock - Group Board Director - Legal & General's Risk business
John Pollock
Legal & General Assurance Society

View the report in full including the regional data and 'mood' charts - PDF 

A quarter of a million more households struggling with finances…

Our latest MoneyMood Survey shows one in eight homes (12%) are struggling to make ends meet, up from one in nine last year.

The number of homes who say they are “struggling” (i.e. income not enough to pay bills) has risen by 264,000 to 2.4 million in July 2014, up from 2.1 million in July 2013.

Average monthly shortfall falls compared to last year:

One piece of good news appears to be that the average monthly shortfall has gone down year on year.

The latest figures show the average monthly shortfall (for those households who say they can’t afford to pay bills and debts) is £60 across the UK, a fall of 30% compared to July 2013 (£85). Regionally the figures tell a similar story with nearly all regions except the Midlands and the South West showing a lower monthly shortfall for homes struggling to pay bills and debts.

No signs of recovery in household finances yet:

Commenting on these findings John Pollock, Chief Executive Officer, Legal & General Assurance Society said; 
“Despite the recent upturn in the UK economy our MoneyMood survey shows we are not yet seeing an upturn in household finances with more homes worse off this year compared to July 2013. 

The number of homes who are struggling to make ends meet has risen significantly year on year. In July 2014 a quarter of a million more homes are struggling to avoid sinking into debt than at the same time in 2013. Perhaps a clear sign that household income growth continues to lag behind economic growth.

However, in a glimmer of good news for those families whose earnings do not cover paying bills and debts, the average shortfall has fallen by 30% to £60, down from an average of £85 last year.”

Biggest changes…

The biggest fall in monthly shortfall is in East Anglia where the average is £59, down £196 per month compared to last year.

The biggest rise in average monthly shortfall is in the South West, which at £301 is an increase of £188 per month compared to last year.

The North West and North East are both showing monthly shortfall decreasing significantly. The North West, at £44 per month is down £110 compared to July 2013 and the North East, at £113 is a fall of £187 per month compared to the same period last year.

Four regions have reduced their monthly shortfall by smaller amounts compared to July last year. The average monthly shortfall in London is £56 (down by £55 from £111), The South East - £78 (down by £26 from £104 per month), Scotland - £38 (£19 lower than last year - £57) and Yorkshire and Humberside – £51 (down £18 from £69 monthly in July 2013).

REGIONAL DATA – change in the number of households who are struggling to survive:

Across the UK the number of households saying they are struggling to pay bills and debt – i.e. “I am spending more than I earn on paying bills and debts each month” has risen by 264,000 year on year. Compared to July 2013 the number of homes saying they are struggling is much higher in every region except in the North West, West Midlands and Scotland.

Notes to editors


TNS Omnibus carried out research for the Legal & General MoneyMood Survey.

Telephone interviews were conducted among a nationally representative sample (in GB) of around 1,000 adults (age 18+) between 19-21 July 2013 and 18-20 July 2014.

The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.

The Legal & General Group, established in 1836, is one of the UK’s leading financial services companies. As at 31 December 2013, we were responsible for investing £450 billion worldwide on behalf of investors, policyholders and shareholders.

The Legal & General MoneyMood Survey  (registered by Legal & General plc).

For more information please contact:

Mike Connolly

Mike Connolly
PR Manager Savings

t: +44 (0) 1737 375365
m: +44 (0) 7802 503917

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