Some 46% of UK adults are currently in debt and believe the rising cost of independent living is to blame.
A survey of 1,000 UK adults, published in The UK Spending Report, has revealed that almost one in two Brits (46%) are currently in debt. Those who admitted to being in financial difficulty were found to have an average debt of £6,465.
The top cause of debt in the UK has been revealed as increases in household bills (36%) followed by raised rent or mortgage repayments (33%).
Experts suggest these increases in housing costs are the result of a growing demand for new property, of which there is a dwindling supply. The Royal Institution of Chartered Surveyors predicts the housing crisis will prompt a 15% surge in housing prices over the next five years.
Brits also listed credit card interest as the third major cause of debt (21%). Fourth on the list was excessive spending on clothes and accessories (19%) and general overspending (16%) completed the top five causes.