Property owners 'struggling to break even with salaries'

Many thousands of homeowners and landlords in the UK are struggling to meet the financial demands of day-to-day life in 2012, according to worrying research from an investments expert.

Bright Grey revealed that one in three (33 per cent) of people are spending over the amount they are paid by their salary, or are just managing to break even by the end of each month, and so they find it difficult to meet bills such as property insurance or utility costs.

The Financial Safety Net report went on to explain that over 11 million British adults - 23 per cent of the nation - had nothing left over to spend before getting paid once more.

In Bright Grey's study, it was concluded that the average Briton spends £1,315 every month, including an average of £56 on telephone bills and £232 on supermarket and other shopping - things that can be reduced with clever use of services such as price comparison sites.

Roger Edwards, the proposition director at the company, said: "It is a false economy to believe that just spending on the here and now is going to keep Britons in good stead. By cutting back slightly on some of their outgoings, most adults should be able to find a small amount of money to help provide the financial safety net they may need in an emergency situation."