A rise in consumer spending has seen savings levels drop to their lowest level in 13 years.
According to The Office for National Statistics, there has been a “sharp decline” in savings due to a rise in consumer spending. Savings fell by £68.9bn between 2005 and 2017, leaving UK households collectively £8.4bn in the red. Consumers have been borrowing to maintain lifestyles, with less cash available to them from their earnings. As The Telegraph explains: “This has partly been triggered by low rates of real wage growth, as pay rises have been eaten into by higher inflation”.
For more on the change in household savings, head to The Telegraph website. If you would like help or advice on choosing your own savings account, take a look at what we can do for you.
