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Household Recession Leaves Families With Very Little Savings
15/07/2011
Pay freezes and high prices are leaving families with very little to save this year, official data shows. The Office for National Statistics' savings ratio, which is the money remaining after consumer spending, fell from 5.1 per cent to 4.6 per cent between the first three months of this year, which means that after typical monthly outgoings, the amount of cash households have left to put into a savings account or pension has fallen dramatically since January.
High inflation was blamed by The Office for National Statistics' which has forced families to spend more to maintain current standards of living. This is reported by Economists as leaving households in a recessionary state. Higher prices at petrol pumps and supermarkets saw an additional 1.4 per cent spent across the UK in January to April of 2011. Expenditure actually fell 0.6 per cent when inflation was taken into account.
Homeowners aged over 55 years who are concerned about their costs of living and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
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