Twice as Much Spending as Saving: The Truth of Britain's Finances
According to Standard Life, UK residents are twice as committed to spending money as they are to saving it, perhaps explaining the current financial state of the country generally.
The research was based on credit card spending with results revealing that the average person who owns credit cards
will spend in excess of £152,000, repaying for these expenditures over forty years. In comparison, those saving money over the same time period will manage to accrue just £67,200 in savings accounts and ISAs, less than half the amount spent with credit cards!
The results projected that UK adults spend nearly £4,000 on credit card payments each year. Annual savings
for the average UK adult total just £1,680 in comparison.
The fact that Brits seem to find it easier to commit to spending money than they do to saving it perhaps explains the worsening state of household finances. With recent reports detailing energy price hikes and increases in all types of expenditure, the need for savvy saving has become far more pronounced.Read More on Spending NewsWhy We've Got To Stop Acting Like OstrichesMonthly Debt Payments Total £9Billion for BritsDoes a Decade of Financial Difficulties Await UK Households?Savings Advice
For those who struggle to stick to savings schedules there are a number of things which can be done. Money can be saved on all expenditures big and small, so making sure you compare the price of everything is the first step in making savings. Promotional offers and vouchers can also be found for regular expenditures, such as the cost of food, making them easier to handle.
For those who still depend on credit cards and other forms of money lending, it is important that you get the best possible deal available. Always look at what is on offer from different providers and compare interest rates and additional features in order to get the best possible offer.
To find out about more ways to save on credit cards take a look at Saving Money on Credit Cards