<< Most Recent Articles

Above-average earners 'cutting back'

It is not just those on low incomes who are feeling the financial strain this year as new research shows above average earners are planning to cut back their spending.

A survey conducted by AXA found that 72 per cent of households with a combined income of £30,000 or more will be spending less this year in order to cope with the additional financial pressure brought on by tough economic conditions.

And it is people's lifestyles that are due to take a hit, with 44 per cent of respondents saying they plan to eat out less to save money and 21 per cent saying they intend to spend less money socialising.

AXA spokesman Steve Folkard said it is "no wonder" that households with above-average earnings are struggling to cope.

"A typical family in middle Britain may have a higher than average income but millions are weighed down by high lifestyle costs and face tough choices as the strain on their finances takes its toll," he remarked.

Many may be concentrating on paying off existing debts this year and a consolidation loan could help to combine outgoings into one manageable monthly repayment.

Research from uSwitch.com shows that almost a third of personal loans taken out last year were for debt consolidation.

See how much you could save with a debt consolidation loan from Lombard Direct

© Adfero Ltd

07/04/2008 17:07:50

Most Recent Articles