Recent research from Centre for the Modern Family (a Scottish Widows think tank) found that one in five families in the UK have been left unable to cope in the economic downturn. Eight out of ten people surveyed said they felt as though family life is tougher now than a decade ago.

Financial problems were at the top of the list of challenges for UK families. The study found, however, that people in Wales were the most affected, as 57% of the people in Wales thought that financial problems were the biggest challenge for families. This is much higher than the UK average of 45%.

Two in five people in the UK said that they were 'just getting by', and only 7% said that their family life was 'comfortable' at present. Other issues outlined in the study included health and illness problems (31% of respondents across the UK said this was the biggest challenge facing families today), work/life balance (26%) and unemployment and job loss (16%).

Centre for the Modern Family attributed these challenges to increased living costs and falling wages, along with the increasing cost of childcare - as well as the ongoing economic crisis, of course.

Even though they feel challenged by financial problems, Welsh families topped the list of people who feel that they can 'cope very well' with life's crises. 28% of Welsh respondents thought that they were coping well with the challenges life threw at them - compared with 26% in the South of England, for example, and just 19% in the North.

So although many Welsh families are facing serious financial hurdles, it's good to see they're more likely to have confidence in their coping skills. People who feel as though they're 'just getting by', however, have a few options.

Firstly, they could try and spend less in certain areas. Drawing up a budget can help with this, as you can see how much you're spending and whether you can cut back on some 'luxuries'. It may also help to check whether you could get better deals on costs like your bills and any insurance you might have. The money you could save from this can be put into an emergency savings fund, so that unexpected costs like car repairs don't push you over the edge.

If you're really struggling with your unsecured debts, there is help available - from insolvency experts such as Freeman Jones , for example, the Insolvency Practice which provided this article.

If enough of your lenders will agree to it, an IVA (Individual Voluntary Arrangement) might be your best path out of debt if you're unable to repay your debts in a realistic amount of time - but you can still afford to make (lower) monthly payments.

An IVA could lower your unsecured debt repayments to a manageable level - which should help you cope better with your household's essential costs. As long as you live up to your side of the agreement, interest and charges on your debts will be frozen and you'll be legally protected from your lenders.

If you stick to your payments as agreed, an IVA will usually be complete after five years - and any unsecured debt you haven't managed to repay will be written off. Bear in mind, however, that an IVA will damage your credit rating - and you may have to release equity in your home if you own it.

If you're struggling, but you're not sure what your next step should be, it's well worth seeking some debt help.