A third of Britons don’t have any money to save, with North East families having cash reserves for just 11 days, warns a Legal & General report. Cutting spending on energy and clothes are the most popular personal "austerity measures" another report adds.
The savings of an average Briton would be cover less than two weeks living expenses, according to the “Deadline to Breadline” report from the financial services firm Legal & General. The report says that afterwards they’ll have to turn to the governmental for help or ask friends or family for support.
“It serves as a stark reality check to see that most of us are still in a precarious financial situation - the average working-age family is just 11 days away from the breadline,” John Pollock, Legal & General chief executive, said.
However, the 11-day period is the minimum that affects some people in the North East of England, in Greater London the figure stands at 79 days.
Rising energy bills are making 60 percent of Britons save on energy, with another 58 percent being forced to cut on clothes spending and 57 percent enjoying fewer takeaway meals.
The savings of an average Briton would be cover less than two weeks living expenses, according to the “Deadline to Breadline” report from the financial services firm Legal & General. The report says that afterwards they’ll have to turn to the governmental for help or ask friends or family for support.
“It serves as a stark reality check to see that most of us are still in a precarious financial situation - the average working-age family is just 11 days away from the breadline,” John Pollock, Legal & General chief executive, said.
However, the 11-day period is the minimum that affects some people in the North East of England, in Greater London the figure stands at 79 days.
Rising energy bills are making 60 percent of Britons save on energy, with another 58 percent being forced to cut on clothes spending and 57 percent enjoying fewer takeaway meals.
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