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Britain is a nation of Spendthrifts, are you one of them?
Nat West bank researched 750,000 customers and revealed that 50 percent of adults do not put anything aside from when they are paid each month. And 25 percent of people spend more than they earn and to fund their lifestyle they either go into debt or raid their savings.
The research found that Britain is a nation of Spendthrifts many people have no savings and spend every penny they get. The research revealed that the problem is not only with low earning households who genuinely struggle to get by. It is also common among those people who are better off. It was shown that people on £90,000 a year were just as likely to spend it all and have no savings as someone on £9,000 a year. The only people who saved consistently were people that earned more than £100,000 a year which is under 5 percent of the population.
Stepchange the debt charity found that the number of middle-class families falling into debt is spiralling. They said that current economic pressures can make it difficult to save. Individuals have to live hand to mouth instead. They believe that having even £1,000 of savings could almost half the risk of debt problems. The charity believes that the Government needs to do more to encourage individuals to build up their financial resilience.
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