UK families are struggling to make ends meet because of the economic problems facing the country.
Research by Scottish Widows has found 78 per cent of people feel life is harder now than it was a decade ago, while 20 per cent are struggling financially.
On top of this, 39 per cent are just getting by, while only seven per cent describe their current monetary situation as comfortable.
Lord Leitch, Chair of the Centre for the Modern Family, noted there has been a considerable change in life over the past ten years.
"These findings paint a stark and in some cases desperate picture of family life in Britain today as families feel the squeeze of these difficult times," he added.
The politician went on to note a comfortable retirement and affordable housing are two things that can no longer be taken for granted.
Professor Laurie Taylor of Birkbeck College, University of London, stated family is still very much the "bedrock of our society" and it can act as a safe haven for people in financial need.