The
results of a detailed survey on income and savings have been published
recently.
The
significant headline is that the average employee has only about a month's
savings to maintain their lifestyle if their income suddenly stopped. Equally
concerning is that 26% of people said savings would run out in a week or less,
23% said they had nothing to fall back on at all and 22% had less than £500 in
savings.
Whilst
concerning, should we really be surprised?
Unemployment
figures may be at their lowest level since (insert the latest politically spun
figure) but it is the level of income that is the issue. With inflation running
close to 3% and rising, income simply isn’t keeping pace with the cost of
living.
Whilst
Labour may be exploiting the message that ‘real’ income is falling, they have a
point and it can’t keep going on forever.
The
alternative……higher unemployment but those working on higher wages.
It’s
a dilemma for sure.
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