A total of 15% of households earning £30,000 a year have had to take on a second job because of the credit crunch, according to a survey by AXA.
A poll of almost 6,000 people shows 72% will cut spending and one in five will stop saving or reduce pension contributions as inflation for the middle class hits 5.7%.
A total of 30% cited the most common reason as not having enough money at the end of the month. A further 15% blamed the burden of house prices while debts represent the main obstacle for another 15%.
The research also shows 8% have considered not renewing protection insurance to cut costs.
Steve Folkard, head of pensions and savings at AXA, says: “It’s no wonder that households with above-average incomes are struggling to cope.
"A typical family in middle Britain may have a higher than average income but millions are weighed down by high lifestyle costs and face tough choices as the strain on their finances takes its toll.”
The research comes as AXA launches its Financial Task Force, which will use economists, psychologists, industry experts and public policy influencers to uncover the financial problems facing Britain’s middle class.
Folkard says: “One of the biggest issues, however, is that many seemingly well off households lack the motivation to tackle their problems.
"We’ve had it easy for so long and been happily spending without thinking of the consequences that now people aren’t sure what to do.
“If we don’t tackle this issue this group are in for a wake-up call in retirement. A significant proportion of people who enjoy high incomes may now well find that things are a lot tougher later in life.
“Planning for the financial future and particularly retirement is more than simply deciding what you want to do. It is also about making sure you will have enough money to accomplish these goals. Unless this group takes action now they might find it will struggle to maintain its lifestyle once it’s too late.”
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