Savings are falling at an average of £100 each month, according to a recent report. Britons are dipping into their savings accounts to help with everyday expenses and things like buying for back to school.
Price increases on items like food, gas, and the other general expenses of living in combination with stalled growth and wages are sucking family bank accounts dry.
According to the statistics, over 33 per cent of households draw money to pay for living expenses, 11 per cent draw it for their kiddies, and another 31 per cent draw to fund holidays. It was also found that 20 per cent of British households draw from savings to pay back personal loans and debt.
As a people, we are strongly determined to clear our debt, but personal and family savings are being drained to do this and simply meet the cost of living. Many households are in danger of draining everything they have built up over the years.
The average worker has the equivalent of 40 days pay in available cash during a period when it takes an average of six months to replace a lost job.