How Recession is Affecting UK Families

When the recession hit in 2008, it sent the nation spiralling into financial chaos.

With unemployment currently standing at 8.4% – the highest it’s been since 1995 – and inflation sky-rocketing everyday essentials, families are worried that the economy is driving them deeper into debt.

Prices at the pumps are at an all-time high and food inflation has risen to 6.3%. That’s three times the rate of the world’s seven biggest economies, bringing the average weekly household expenditure to £473.60.

As salaries stay the same and families work hard to meet everyday living costs, disposable incomes have dipped for the fifth year running. As a result, many people have sought help through Debt Management Plans, IVA and Debt Relief Orders so that they can manage their debts more effectively and stay in control of their finances.

Here you’ll find information on where your money is being spent and useful tips that could help you save money along the way.

recession

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