The cost of living in the UK is higher than across Europe but quality of life is amongst the lowest, which is why so many people are experiencing debt management problems, according to research by uSwitch.com.
The study found that whilst the average household income is the highest in Europe, the cost of food, fuel and other daily costs makes living in the UK one of the most expensive.
But not only do we work the longest and have the least holidays, those working in the UK are also expected to find that quality of life in the UK could suffer even more in the near future – as politicians start to plot a way out of the economic crisis and slash public sector budgets.
Ann Robinson, Director of Consumer Policy at uSwitch.com, said: \”We earn substantially more than our European neighbours, but this level of income is needed just to keep a roof over our heads, food on the table and our homes warm. It's giving us a decent standard of living, but it's not helping us achieve the quality of life that people in other countries enjoy.
\”For too long the focus in the UK has been on standard of living rather than quality of life. As a result we have lost all sense of balance between wealth and well-being.”
Ivan Cooper, Chairman at leading debt advice organisation Chiltern, added to this and said: “The fact that many people have had to resort to using credit, such as personal loans, overdrafts and credit card debts, just to cope with huge living costs highlights how expensive the UK is.
“This study shows that the UK could also suffer more than other countries. As unemployment grips, and more people are out of work, the strain on people’s debt management will be felt more than in countries that are less expensive to live in.
“Which is why those living in the UK should seek impartial debt advice, from a reputable debt help organisation, as soon as they think they may have difficulty to maintain their current credit commitments.”
17 factors were monitored in the study, including net household incomes, taxes and the cost of essential goods, like fuel, food and energy bills. These were compared across ten European countries, to understand the cost and quality of living across Europe.
