Oldham has been revealed to have had the second-highest increase in people becoming financially vulnerable in the North West over the past two years.
A study carried out by Fair4All Finance, a not-for-profit organisation, has shown the increase to have pushed Oldham to where more than half of adults in the borough are experiencing financial struggles.
There were 52 per cent of Oldham's adults in this position, with a 28 per cent increase.
The neighbouring borough of Rochdale is also seeing the same percentage of adults in money trouble.
Oldham is ranked sixth out of the 35 local authorities in the North West and is surpassed by only two Greater Manchester areas, Rochdale in fifth and Manchester in fourth.
Nearby Tameside comes in at 13th across the North West.
Oldham also is the only Greater Manchester borough that appears in the top three increases, with the first highest in Blackburn and Darwen and the fourth in Pendle.
On the statistics, Jonathan Yates, chief officer at Citizens Advice Oldham said: "The recent figures from Fair4All Finance highlight the significant financial challenges many people in Oldham are facing.
"At Citizens Advice Oldham, we’re dedicated to helping residents navigate these difficult times by offering free, confidential, and impartial advice on money-related issues.
"From managing debts and budgeting to maximising income and accessing emergency support, including food and fuel vouchers, our team is here to help.
"We encourage anyone struggling financially to reach out-you are not alone, and support is available in a variety of ways to suit your needs.
"Currently, we offer advice at drop-in locations across Oldham, as well as by freephone, and through our website."
It's not just individuals themselves hit by climbing costs and cuts, Oldham Council is currently facing a projected overspend of £26m and a total budget hole of £36m.
Council leader Arooj Shah said in August the figure is due to ‘unexpected pressures’ on Children’s services and adult social care.
She said: “We’ve spent the last 18 months looking at our budget situation. But the reality is, the money’s not in the system so we are going to have to make some really difficult decisions.”
The study revealed many people were facing similar difficult decision-making when it comes to money, with Fair4All Finance considering a person financially vulnerable if they experienced financial difficulties in the past two years, such as struggling with debt or relying on savings as a source of income.
Also they have been without permanent housing or lived in council/social housing within the last two years, have a household income of less than £25,000 per year, or have essential expenses which exceed their annual income as a result of the cost of living or used alternative financial services in the last two years, including credit unions, CDFIs or payday loans.
Diane Burridge, interim director of innovation and development at Fair4All Finance said: "Financial vulnerability is a reality that registers with millions of people in all corners of the nation.
"Inflation has eaten away at the spending power of people who were already struggling to get by, as well as those who have fallen into difficulty for the first time.
”Everyone needs access to financial products to go about their daily lives, manage their money and be economically active.
"Yet millions of people are locked out of the financial system, unable to access safety nets that others rely on, like credit, savings or insurance.
“Our findings leave no room for doubt that the current financial services system is not working for everyone.
"Industry and policymakers must unite to address the increasingly desperate situation facing millions of adults in financially vulnerable circumstances."
Oldham Council has been contacted for comment.
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