How is the average person doing financially?
November 21, 2021
More than 5,000 people in the UK were recently asked about what they thought about money. 48% of people said they worry about money at least once a week, and for 16% of the population, money is a daily concern. One of the best ways to overcome financial worries is to talk about it and get help and advice in the right places. Yet in the survey, 52% of people said they really have a hard time talking openly about money. Whether it’s savings, investing or credit cards, the outlook is good for the average UK person, and there are plenty of ways to get the help you need and get the most out of it. party of your money.
To save money
According to research by The Money Charity, the average person in the UK saved Â£ 6,756. Figures vary across the country, but the average Londoner has Â£ 28,978 in savings. UK residents save an average of Â£ 105 per month. This money is kept for emergencies or to finance something important like a house or a car. The right savings account, the right bond, or the ISA can really make a difference for those trying to save, and you can shop around for the best interest rates. These are often found not with the big banks, but rather with online banking service providers specializing in savings accounts.
Loans and Credit Cards
The Money Charity has found that the UK’s average debt is Â£ 33,006 per person, which includes mortgages, loans and credit cards. However, it is important to consider that not all debt is negative. Having a loan or credit card and paying it off regularly each month can help build a credit score and improve your score. A loan can be quick and easy to take out online, although there are always risks to consider. Sites that advertise products such as quick loans in UK provide a means of obtaining the necessary funds quickly. 80% of adults have loans and credit cards, and it is a relatively normal way to finance purchases and meet daily household expenses, and provided that the repayments are made on time each month (otherwise, this type of loan can quickly become a problem).
To look forward
It has been predicted that interest rates are expected to rise next year. The Bank of England sets the base interest rates and this changes according to the rate of inflation. The average savings account has an interest rate of 0.1%, and it is expects it to increase at 0.25% and possibly up to 0.5%. This is great news for anyone trying to save for something important. There has actually been an 8.4% decrease in the average credit card balance over the past year, so people are generally more aware of the level of debt they have and take financial responsibility. .
Things are getting better financially for the average person in the UK. Speaking of loans, credit cards and savings, one can get practical advice and also improve the prospects for money.