Over half (52 percent) of those surveyed are living on the edge financially, equating to 26 million people across Britain, the Money Advice Service (MAS), an organization that provides money advice for consumers in Britain.

The findings show a sharp increase from 35 percent of people who were facing difficulty to maintain household bill payments when similar research was carried out in 2006.

About a fifth of those surveyed would go out for the evening even if they could not afford it and 17 percent purchased things they were not in a financial position to buy.

Many people are suffering because of poor financial skills and tighter family budgets following the economic downturn, which has encouraged a "live for now" culture dragging down the nation's ability to save enough for their future, the government-backed body found.


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