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Just when many analysts had come to terms with the 3.5% rise in retail sales in May and the fact this did not seem correct, June has seen a fall of 3.9% in sales – the worst fall in 22 years. The...
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Friday 4th April 2008
Middle class households are taking drastic measures to boost their income as the credit crunch begins to impact on their budgets, it has been revealed.
Insurance giant Axa surveyed 6,000 families with above average incomes of £30,000 or more to study how rising prices and mounting gloom in the economy had affected them financially.
It was found that in 15 per cent of the households surveyed one member has been forced to take a second job to help make ends meet or to send a non-working member of the house out to work.
Moreover, the trend towards belt-tightening looks set to become more widespread, with 72 per cent planning to cut their spending this year.
Axa spokesperson, Steve Folkard said: "A typical family in Middle Britain may have a higher than average income but millions are weighed down by high lifestyle costs and face tough choices as the strain on their finances takes its toll.
"One of the biggest issues however is that many seemingly well off households lack the motivation to tackle their problems. We've had it easy for so long and been happily spending without thinking of the consequences that now people aren’t sure what to do."
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