AXA: Savings suffering as recession bites
www.moneynews.co.uk > General finance > AXA: Savings suffering as recession bites
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AXA: Savings suffering as recession bites
Thu 30th Oct 2008
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According to its latest analysis, more than 20 million households have had to turn to their saved cash to make ends meet.
Only the wealthiest 20 per cent in the country, earning more than £70,000 annually, have avoided spending more than they can afford.
The poorest 20 per cent, who generally earn less than £12,420 a year after taxes and benefit contributions are the worst sufferers.
According to AXA, their savings ratio was -7.4 per cent in 2008's first quarter and -5.9 per cent in the second.
AXA spokesperson Steve Folkard said many people feel "helpless" even though they are worried about their finances.
Yesterday AXA announced the launch of its Save More Tomorrow pension scheme.
Said to be the first of its kind in the UK, the company pension programme has its members gradually increase the level of pension contribution over the years.
Related News : General finance |
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Related News : AXA |
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