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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.’
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