Brits 'turning to savings to cover day-to-day expenses'

A growing number of people are relying on the money they put away in accounts with the best savings rates to pay their bills, new research has shown.
 
Legal & General has issued a report showing that more than a million households are struggling to cover their outgoings with their income and so are turning to alternatives such as drawing on savings or borrowing.
 
The number of 'financially stable' households has fallen by approximately one million people as households scrimp and save to try and cover their bills, it claimed.
 
Mark Gregory, executive director for savings at Legal & General, highlighted the fact that half of UK households are on the thin line between being able to pay their bills and needing to take on debt.

He said: "Right across the country, no matter where they live, people are saying that they're struggling to cope with household bills."
 
Earlier this month, Andrew Hagger, spokesperson for Moneynet.co.uk, called on families with any leftover income at the end of the month to put this into an account with the best savings rates to protect themselves in future.

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2011-10-06 13:11:45 © Moneyextra.com