Further proof that household budgets remain tight and will continue to be so for the foreseeable future. As credit levels rise, more monthly surplus cash is going to pay just the interest on credit card bills and loan repayments leaving very little to be put aside in a savings account for 'a rainy day'!! All this at a time when interest rates are low. Financially, a very uncertain future lies ahead for many.
Many Britons are vulnerable to unexpected expenses as one in five have no savings to fall back on, worrying new research shows.Although the average Briton saves £150 a month, some 20 per cent say they do not manage to save a penny, according to a survey by Santander.A similar proportion say they can only save £50 a month, although more than half wish they managed to put aside more, ideally an additional £388 on average, the report by the banking giant shows.