A recent YouGov poll commissioned by the Times newspaper has produced some worrying findings regarding Britain’s Middle-class workers and their ability to pay even a modest sized unexpected bill, without having to consider a bank or payday loan.
According to the poll’s results, 31% of ABC1 workers, the socio-economic group that includes junior managers and professionals, would need to borrow in order to cover a £500 domestic emergency or car bill, which is evidence of a savings squeeze in many UK households.
Of the 1,648 people who took part in the YouGov survey, 14% admitted they would even struggle to cover a £100 bill that had not been budgeted for, with women less likely to have adequate funds than men.
Despite continued low inflation, many workers have not had a significant pay rise for years, if at all, while at the same time, the average family debt, which currently stands at £13,520, continues to worry some analysts. Martin Lewis, presenter of the BBC Radio 4’s Money Box programme, suggests that families should have enough savings to pay bills for “at least six month’s”.
A well planned savings and investment strategy is something we should all consider, and seeking simple, structured, disciplined and reviewable financial planning advice will help you change the fundamental relationship you have with your money. This often gives people confidence and clarity in their own futures.
If would like to discuss your financial situation and investment strategy, then please call Alan or Tim at The Financial Planning Group on 0800 731 7614 and we can arrange a meeting at our offices in the heart of Teddington.