Over recent years many of us have experienced financial problems stemming from factors such as high debt levels, a drop in income, soaring living costs and the fragile state of the economy. However, some families are much worse off than others and a recently released report paints a worrying picture of how much some households are suffering when it comes to their finances.

According to the online parenting group Netmums, over 70 percent of families in the UK have been pushed to the brink of poverty as a result of the ongoing difficult financial climate. Over two thousand of its members were polled by the group recently in order to find out how they were coping in the current financial climate, with the results raising many concerns amongst officials.

The results showed that 20 percent of mums were regularly having to skip meals in order to make sure that their kids had enough food. The survey also showed that 25 percent of families were now living off credit cards, as it had become impossible to make ends meet without borrowing on a regular basis. Another 5 percent had been turning to high interest payday loans to make ends meet whilst 1 percent had been forced to take money from loan sharks and illegal lenders.

Of those polled a massive 64 percent has seen a drop in income over the past year and many had now turned to selling their belongings in order to make more money to purchase essentials and pay bills. The results also showed that 16 percent of parents had developed illnesses relating to stress, which was brought about by their financial situations.

An official from Netmums said: “It’s shocking that seven in 10 families in the UK today are living on the edge of existence – but it’s a crisis that needs exposing. Mums shouldn’t be missing meals to feed their children or turning to loan sharks in modern Britain. Family finances are so strained that any more pressure will turn this personal crisis into a catastrophe for the nation.”