Commenting on the ONS household savings data published today, Tashema Jackson, money expert at Uswitch.com, says: “It is no surprise that savings fell to a record low in 2017 given the relentless increase in household bills.”
“The estimates showing that households were borrowing more than they saved for the first time is inevitable, as our own research found that one in ten consumers say they have no money left at the end of the month after paying all their bills. With essential bills costing families £1,408 a month – rising by 2.9% in a year – consumers are saving less and getting further into debt as they try to manage budgets.”
“It’s important for those who feel they are struggling to not ignore their monthly credit card statements – charities such as StepChange are there to help.”
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
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