Displaying items by tag: savings

The Office for National Statistics (ONS) reports that the proportion of UK residents' disposable income that goes into savings has fallen to a record low. The general secretary of the TUC said, ‘The figures make grim reading. People raiding piggy banks is bad news for working people and the economy.’ With falling wages as living costs rise, many families are running down their savings or relying on credit cards, loans and even foodbanks to get through the month as working households struggle to make ends meet. Vince Cable said, ‘Families are increasingly unable to live within their means or save for the future. Our economy's reliance on consumer spending, propped up by debt, is not sustainable.’ Recently, Moneyfacts said that savers have had a ‘never-ending battle’ to get a decent return on their cash over the past few years, and savings rates are failing to keep pace with the rising cost of living.