Back-to-school costs 'highlights importance of best savings rates'

The difficulty some families experience in meeting back-to-school costs has highlighted the importance of obtaining the best savings interest rate.
 
A new survey by charity Family Action has found that some families pay almost 40 per cent of their monthly income on these annual costs.
 
It highlighted cuts to the availability of local authority assistance that could break the bank for some parents.
 
Helen Dent, chief executive of Family Action, said that the current situation cannot be morally right and while some support is offered this is insufficient.
 
She said: "Children and families should approach the new school year eagerly but we know from our work that too many families struggle to make ends meet over the expensive summer months in preparation for September."
 
Recent figures published by Aviva have shown that incomes and savings have fallen two per cent since the last quarter, with a corresponding rise in debt.

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2011-09-05 11:54:39 © Moneyextra.com