UK Consumers Stretched To The Limit Financially

Many of us fear the financial crisis will never end. More of us are having to cope with bigger bills and smaller incomes. Fuel prices are mounting both for our cars and our homes due to the increasing price of a barrel of oil. Insurance premiums are rising due to higher crime rates and adverse weather conditions. The companies we work for cannot afford to give us wage increases as the government is squeezing them for more tax. This can be a very tricky situation for many people.

People in the UK are currently walking a financial tightrope, it has been claimed. The average monthly outgoings in the UK currently stand at £1,445, while the typical amount of accessible savings accrued is £2,474, according to a well know building society.

Typical outgoings are:

•    Mortgage/rent
•    Heating, lighting and water bills
•    Loans for cars and holidays
•    Credit card repayments
•    Council tax
•    Clothes/shoes for family

It added that the average Briton would only last around 52 days on their accessible savings.

Furthermore, the typical self-employed worker would last the least amount of time on money they have put away - 51 days - while a widow would last 120 days.

"The research reveals that both state benefits and savings are not viable options for the majority of consumers to rely upon for an adequate length of time," said a representative for the company.

Meanwhile, a money charity has revealed that people in the UK currently have a combined personal debt mountain of £1.4 trillion. This is made up of things like credit cards, loans, store charge cards and overdrafts.

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