20 million homes 'can't afford to save'

Fix energy prices until 30th September 2017

Looking to switch your business energy supplier? Click here

Use our OFGEM accredited comparison tool to compare the whole market today.

Twenty million homes can't afford to save and 80 per cent of people have been spending beyond their means, according to new research.

Figures from insurer AXA show that only those households bringing in over £70,000 are finding the provision to save.

The very worst-off are families who rely on benefits to support their income.

Steve Folkard of AXA said: "Many of us still feel helpless even though we're worried about our money and understand that the cost of living is increasing.

"The reality of the economic downturn is being felt in homes all over Britain. It may be a global financial crisis but the effects are rippling down to a very local level."

AXA is running a campaign to encourage people to devote one hour a month or 15 minutes a week to planning their finances.

Meanwhile, 62 per cent of parents are worried their children will get into debt, according to a survey released this week.

The research from Nationwide also showed that only two in ten parents and teachers frequently talk to their children or pupils about money and 21 per cent of children aged between four and seven do not have a savings account.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

Found this page interesting?

Help spread the word and share this page with your friends and family on your social networks.