Household income slips yet again

02/09/2011

Family incomes have fallen again, down 2 per cent between May and August this year from £2,062 to £2,018.
Insurance group Aviva conducted a Family Finances Report which revealed the decline in salaries.

More families are worried than ever about the cost of living as the prices of essentials, such as food and bills, have increased dramatically whilst salaries have declined.

Aviva’s research reveals that debt is increasing and family savings falling.

The average family debt in the UK is £79,816 - including a mortgage and unsecured debt - meaning the average family debt is £6,126 more than at the start of the year.

Despite this, unsecured debt actually fell from £5,360 to £5,353 from the start of the year to August and the increase in debt is actually a result of additional mortgage borrowing.

The survey highlighted that on average each month a family pays just £34 into their savings account. However, 4 per cent more people were saving in August than at the beginning of the year.

Tags; Housing Debt and Bills, Current UK Economy, Income Worries and Debt, Young Family Finances,

• Share
• 
• 
• Store
• 
• Follow
•