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

Recommended Post

Who is Cheating? This infographic is about Cheating. Brought to you by OnlineMastersDegree.com.
The $400 Million Club There are only a handful of blockbuster Hollywood movies that make it to more than hundred million dollar collections in the first week itself. As muc...
Bedtime Bliss : Sleep Right Tonight With our Top Tips When was the last time you bought yourself a brand new bed? Health specialists recommend that we buy a new mattress every seven years to ensure we’re ...
Top 20 Tourist Generating Countries to the US : 2009 Tourism is a revenue-generating industry for many states in the U.S.A. By gathering and analyzing the statistics of the number of arrivals from the in...
The Text for the Left Brain Reads I am the left brain. I am a scientist. A mathematician. I love the familiar. I categorize. I am accurate. Linear. Analytical. Strategic. I am pract...
Top 10 Famous Assassins Do you have a thing for the assassins? If you thought assassins work hideously behind the mask and hide in plain sight once their job is done, you are...
National Handwashing Awareness Week 2011 National Omphaloskepsis (navel-gazing) Week. Most designated national days or weeks are meaningless, and are perhaps promoted and created by special i...
17 Interesting Facts About Feet Do you know, that there are some very interesting facts about feet? A person called, Matthew McGrory had feet so big, he had to wear shoes sized twent...

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.