Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/money/article/a592227
Family finances: are you beating the UK average?
A new report sets out exactly how much the average UK household earns, owes, spends and saves.
by Michelle McGagh on May 31, 2012 at 08:47
Over the next three months people are most concerned about a significant increase in the price of basic necessities, losing their jobs and unexpected expenses.
Driven by these concerns people are willing to make more cut backs and save more, with 67% of families admitting they could make further cut backs, If spending is cut back to the bone, most families could afford to save an extra £53 per month.
Although this is a relatively small amount Kelsall said families should not be deterred from saving more.
‘While 67% of families believes they would be able to make cuts to their expenditure if necessary, there is not much room for manoeuvre,’ he said.
'If they cut spending to the bone the typical amount families could afford to save is an extra £53 per month – less than a typical tank of fuel. However, even small amounts can grow into substantial sums over time, so we’d encourage families to consider carefully whether to spend or save any spare cash.’
More about this:
More from us
- Why women cannot afford to put off pension saving
- 'Asset rich, cash poor' Brits have just £1,574 in savings
- ISA 2012: a guide to the Citywire Selection of best funds
- The savings accounts that beat inflation
- Saving is like keeping fit: no pain, no gain
- Set a monthly budget and watch your money grow
- My financial life: how to tackle your money demons
- Britain’s biggest savers: who they are and where they invest
- The Junior ISA: tax-free savings for the kids
- The ISA explained once and for all
- Don't be fooled by these misleading savings account names
- How to pick the best savings account
- Savings: are you getting your fiver a day?
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.
Latest from Investment Basics
by Himanshu Singh on Nov 26, 2014 at 02:57