Families struggle with household savings

Figures from First Direct suggest that 28% of households (equivalent to 6 million households nationwide) have less than £250 in savings.

With average monthly household outgoings currently standing at £1,536, savings of £250 would last for just five days if a household was to unexpectedly lose its main source of income.  If they were to find themselves in this position, a worrying 11% of households would use a personal loan or credit card to meet their expenses, while a further 11% would rely on an overdraft.

 

Source:  Credit Action – February 2012 edition

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