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Six Million People in the UK Have No Savings
18/07/2011
National Savings & Investments says that one in three Britons now lives in fear that a cash emergency or job loss would leave them unable to cope because the price increase across the country, on average prices have jumped 5.2 per cent in a year (RPI), making it impossible for many families to save and forcing others to use their savings to maintain their standard of living.
Some six million Britons (13%), are living on a knife edge without a single penny stashed away to protect against redundancy or sudden jumps in living costs.
Separate research from economists at Markit found that one in five households has also taken on more debt to cope with inflation worries, with each household now having £8,000 outstanding on credit cards and loans, according to debt charity Credit Action.
Earlier, the Office for National Statistics reported that pay freezes coupled together with the increase in prices has hit the UK's savings ratio, the amount of cash left after spending each month. Struggling families are spending more of their income each month just to maintain their standard of living, because petrol and supermarket prices are rising so quickly.
Homeowners aged over 55 years who are concerned about soaring prices 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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