One in 10 UK families too poor to pay for medicine

The survey's findings are launched with a 'Top Ten Tips' pocket guide to help families and young people on low incomes avoid debt and better manage their money as part of 'Financial Futures' a three year initiative between NCH and Barclays.

The results also reveal that only 56 per cent of people earning £15,000 or less per year understand financial terminology such as APR (annual percentage rate), compared to 82 per cent of those who earn over £45,000.

People on the lowest incomes (socioeconomic group E) are four times more likely to have gone without medicine than those on higher incomes (socioeconomic group A) and six times more likely to have gone without food.

Michelle Dewberry, business woman and winner of last year's 'Apprentice' said: "The key to being in control of your finances is having the knowledge to understand them. Once you can understand your finances, you can make them work for you.

"That's why these top tips and the Financial Futures partnership are so important. Whatever your age, or amount you earn, taking the time to learn more about your finances will empower you to take matters into your own hands and before you know it, managing your money will be a far less frightening prospect."

NCH Chief Executive, Clare Tickell, said: "Although these figures indicate a far bigger problem of poverty in the UK, there is no underestimating the devastating impact bad financial management can have on families' lives.

"For those who struggle to make ends meet, knowing how to manage money effectively can mean the difference between being able to provide food or medicine for your family or having to go without. There is still much more to be done to help people on low incomes get to grips with their finances, and hopefully these tips will be a great start."

Kirstie Robbie, Barclays Head of UK Community Relations said: "By gaining an understanding of the financial terms and processes that impact our daily lives, young people and families can regain control of their own finances and avoid making the impossible choice of deciding to go without food, rent or medicine.

"The new pocket guide is a first step in helping some of the most deprived families in the country learn how to maximise their income and prioritise their budget, a process that is reinforced at the Financial Futures workshops that we have funded that are taking place throughout the UK."

For a free copy of the 'Financial Futures Top Ten Tips' pocket guide go to www.nch.org.uk/toptips or call NCH Supporter helpline on 08457 626579 (calls charged at local rate, open 9am-5pm, Monday to Friday).

The 'Financial Futures Top Ten Tips' are part of a three year £1.8 million partnership between Barclays and NCH to help families and young people on low incomes better manage their money.

Over the next three years, Financial Futures will provide one to one advice and workshops on topics including budgeting and access to benefits at 18 locations around the country. Over 1000 Barclays volunteers are expected to take part in the initiative. - Source: NCH The Children's Charity