Crunch hitting middle class households
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 arent sure what to do."
Share this..
Related stories
RBS banker disappearance causes concern
Huibert Boumeester, one of the main players when Royal Bank of Scotland took over ABN Amro, has this evening disappeared with Westminster police very keen to talk to him amid concerns about his safety. While he is regarded as one of the brightest brains in the UK banking sector Boumeester has been under pressure of late because of his involvement with the ABN Amro deal and the significant financia...
Read MoreBoom in 100 per cent plus LTV mortgages predicted
Mortgage brokers are predicting a sharp increase in the number of mortgages with a loan to value (LTV) ratio of 100 per cent or more.According to research by Alliance & Leicester Mortgages, more than three quarters (78 per cent) of brokers are predicting a rise in 100 per cent plus LTV mortgages over the next two years. Jeremy Claridge, head of specialist mortgages at Alliance & Leicester, said: "...
Read MoreShell faces investor backlash
Oil giant Royal Dutch Shell is today facing a significant rebellion from leading shareholders who are dismayed at the allocation of tens of thousands of bonus shares despite the in question executives missing key performance targets. Interestingly, Standard Life has been the more vocal of leading shareholders over the last 24 hours suggesting the company will vote against the motion at the next sh...
Read MoreMore MPs expenses are revealed in the Telegraph
Just when you thought things could get no worse the Telegraph has revealed yet more damaging allegations regarding MPs expenses with the most damaging so far has being against some MPs who were allegedly claiming mortgage payments for mortgages which had been "paid-up". While we await details of these particular allegations, amidst rumours that the police are set to pounce, the public's perception...
Read MoreFTSE 100 loses 300 points since the turn of the year
Having ended 2009 on a relatively positive note, the FTSE 100 index has lost 300 points since the turn of the year and now stands at just over 5150. Serious jitters persist within the investment market regarding the UK economy and the worldwide economy and even better-than-expected unemployment figures from the US failed to get investors back onside. The next few weeks are vital for the UK econ...
Read More