UK Families Still Struggling With Financial Security

A recent report from insurer Aviva has revealed a third of families in the UK do not have any savings whilst 57% of families are worried about the increasing cost of living over the next 6 months. According to the report, the average level of unsecured debt (things like credit cards/loans/overdrafts) amongst families is £5,360.  Single parent families are most likely to be free of debt(40%), although those that do have debt in this group spend an average of 29% of their monthly income on debt repayments.

Head of protection for Aviva, Louise Colley, said “ The credit-crunch has restricted the amount of high street borrowing and credit over the last few years, but the average UK family still has substantial debt liabilities. With the average mortgage debt standing at almost £90,000 and the average credit card/loan/overdraft still well over £5,000 it is understandable families are worried about repayments as well as the duel threat from the rising cost of necessities and the possibility of rising interest rates”

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