Thursday 3rd of March 2011
People who live on their own and are already in deep financial trouble may find their spending habits result in them going in search of IVA answers.
According to Bright Grey's Salary Gap study, 17 per cent of UK adults residing by themselves are finding it harder than ever to manage their finances and are overspending on their lifestyles.
The research revealed that the average income for those in this group stands at £1,267 a month - a figure that is £327 short of the £1,594 that individuals feel they need in order to lead a comfortable life.
Just over a third (35 per cent) of those living on their own said they overspend because they have to, while 24 per cent admitted it is a result of them enjoying their lifestyle.
Credit Action's most recent debt statistics revealed the average British adult currently owes £29,838 including mortgages - which is 125 per cent of average earnings.
By Hayley Jones
