Household saving to fall by 71% to a weekly average of £26 as living costs soar

The Independent says household saving is expected to fall by 71% on last year to an average of £26 a week as inflationary pressures drastically reduce families’ ability to put money away, figures suggest.

Household saving to fall by 71% to a weekly average of £26 as living costs soar

The Independent says household saving is expected to fall by 71% on last year to an average of £26 a week as inflationary pressures drastically reduce families’ ability to put money away, figures suggest.

Households would need to earn an extra £80 a week before tax or spend £66 less to save at the same level as in the second quarter of last year, according to estimates by Scottish Friendly and the Centre for Economics and Business Research (Cebr).

Household spending this month is expected to be 12% higher than during the same month last year, driven by the 54% increase to Ofgem’s price cap and new tax polices, according to the study.

https://www.independent.co.uk/news/uk/households-centre-for-economics-and-business-research-kevin-brown-scottish-friendly-hm-treasury-b2056802.html

…………………..

FOLLOW US ON SOCIAL MEDIA AND SHARE WTX NEWS WITH YOUR FRIENDS AND FAMILY:

FacebookPlease like our page

Twitter Twitter updates available in English and Arabic. Please follow us and we would love to hear from you

Instagram – Follow our pages in English and Arabic