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East of England: Shelter warns that thousands of families are living on a ‘financial knife-edge’

PUBLISHED: 09:48 14 April 2014 | UPDATED: 11:19 14 April 2014

Thousands of people would be unable to pay their mortgage if they lost their jobs.

Thousands of people would be unable to pay their mortgage if they lost their jobs.

Nearly half of all working families in the East of England are living on a “financial knife-edge” after new research showed they are just one pay cheque away from losing their home.

Homeless charity Shelter has published new research that reveals that more than 350,000 families with children in the region could not pay their rent or mortgage if they lost their job.

Liz Clarke, a helpline advisor at Shelter, said: “This research highlights the financial knife-edge that millions of us now find ourselves on - living month to month, pay cheque to pay cheque.

“Every day we see the proof that just one piece of bad luck, like a sudden job loss or illness, could tip any of us into a spiral that puts the family home at risk.”

The YouGov survey found that 45% of all working families in the east, with little or no savings to fall back on, were just one pay-cheque from losing their homes.

More than a quarter of families surveyed (26%) also said they would be unable to make the next payment on their home if they lost their job and did not immediately find another.

Campbell Robb, Shelter’s chief executive, said: “Finding another job is hard enough but without a stable place to live it’s almost impossible.

“No matter how hard ordinary families work in today’s ‘knife-edge nation’ any drop in income can all too quickly put their home at serious risk.”

People worried about losing their home can contact Shelter for free on 0808 800 444 or at www.shelter.org.uk/advice.

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