Brits fall £1500 a month short of being financially secure

The average household is £1435 a month short of being financially secure, according to uSwitch.com.

While the average monthly household income stands at £2504, consumers say they need to bring in £3939 to feel financially secure.

In fact, the gap between the dream income and reality is so great that more than six in ten (61%) don’t feel secure at all.

More than a third of Brits (35%) define financial security as having enough money to cover basic day-to-day living costs without having to rely on credit. But of these, just 40% are in this position. The second most popular definition is to have at least six months’ salary in the bank (16%), but again, of these just 35% have this.

For just over one in ten people (14%), financial security means not having any debt on credit cards or loans or an overdraft to repay. However, recent figures from the Bank of England show that unsecured consumer credit rocketed to £635million in June from £408million in April. And with job security uncertain, it’s a sign of the times that having a job with regular income makes less than one in ten (9%) feel financially secure.

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