Residents in Leeds are having their finances stretched to breaking point - Mark Fleet

However, with 37,000 members across Leeds, Wakefield, Harrogate, Craven and beyond, staying in touch with them all is easier said than done, which is why we periodically reach out to them to encourage them to take part in a survey about their current financial situation and their outlook for the coming months.

Our latest survey took place in April and the results show that residents in Leeds are having their finances stretched to breaking point, with the rising cost of energy, food, fuel, rent and mortgages causing particular concern among our communities. This has led to the majority of our members who took part in the survey - 51 per cent - revealing that they believe the financial situation in their household has become worse or much worse over the last 12 months. Furthermore, 71 per cent say they expect to save less money over the next 12 months than they did over the last 12 months and, sadly, 30 per cent believe they will be unable to save anything at all.

Naturally, this all makes for pessimistic reading. People's finances are in a worse position than they were a year ago and they don't believe their situation is likely to improve over the next 12 months. So what can be done about it?

The first thing to say is what people should definitely not do and that is: be tempted to turn to high cost lenders or, worse still, loan sharks.

When finances become squeezed, these options become more appealing as a quick way to secure a short term loan to make ends meet. However, this is not a route anyone should go down as it invariably leads to even more financial difficulties further down the line.

Instead, anyone in need of help should contact their local credit union as soon as possible.

As not-for-profit organisations, they are dedicated to putting people first and serving the communities in which they operate by providing them with access to affordable and ethical loans and savings accounts, with more competitive rates than those offered by high street banks and building societies, as well as specialist money and budgeting services.

By helping vulnerable households plan their finances, assess their debts and access affordable borrowing, credit unions can help people make their money go further at a time when prudence has never been more important. They can also help connect them with other organisations who can provide specific support and advice.

While there is no quick fix for the financial problems many households currently face, hopefully people can take solace in the fact that many reputable financial organisations exist and are available to help them when they need them most.

Mark Fleet is CEO of financial services provider Leeds Credit Union (LCU).