Credit crunch leaves teachers 'struggling'

Teachers are finding it increasingly hard to manage their financial commitments, according to new figures.

Information released by the Teacher Support Network has revealed that £62,000 in grants was supplied to teachers in the first three months of 2008 to help them with their financial problems in today's economic climate, reports the BBC.

These figures represent a 70% increase compared to the same period last year, the charity said.

Patrick Nash, the Chief Executive of the Teacher Support Network, said that the problematic economy is the reason behind the figures.

He noted that the rise in living costs plus increases in mortgage repayments have left education professionals struggling.

'More of our callers are having to seek help simply to make ends meet, showing that the national credit crunch is having a very real effect on teachers in particular,' Mr Nash said.

Earlier in the year, the National Union for Teachers criticised the Government's suggestion of a 2.45% pay rise for teachers in 2008, claiming that this amount is below the real rate of inflation.