People penniless in Britain, unable to pay debts and bills

London: The number of people struggling with a money shortage in Britain has reached a record level. Financial donors report that people are approaching them for loans, payment of bills, and help with bankruptcy.

According to a survey by the debt justice group, 29 per cent of those aged 18 to 24 and 25 per cent of those aged 25 to 34 have failed to pay three or more bills in the last six months. Additionally, most people (65 per cent) do not believe they can survive for three months on their savings without borrowing money.

Data from the UK Financial Markets regulator reveals that more than a third of UK adults have just under £1,000 in savings.

Furthermore, a survey conducted by Money.uk.co found that 30 percent of British retirees aged 25-64 do not save at all.