UK family spending money falls by 8.4pc

British families are £15 a week worse off in September 2011, the third consecutive month of record breaking decline, according to the latest Asda Income Tracker.UK family spending money falls by 8.4pcThe squeeze on family finances has left the average household with £163 of weekly disposable income – down by 8.4pc from this time last year.

Annual inflation on the consumer price index grew again to 5.2pc in September, up by 0.7 percentage points from August, placing significant pressure on household spending power.

Family budgets are squeezed further by the rising costs of basics.

The rising cost of energy pushes the overall rate of inflation even further above the Bank of England’s target rate of 2pc. In September, gas prices were 22.3pc higher than a year ago while electricity prices were up by 12.9pc.

The cost of transport continues exert the largest downward pressure on disposable income, with the cost of motoring increasing by 17.7pc year on year in September, according to figures from the AA.

As the cost of living rises, income levels continue their downward trend, with younger workers facing particularly tough employment conditions.

The unemployment rate for the 16-24 year old age group rose to 21.3pc over the quarter to August – up by 1.6pc on the three months before and the highest rate since comparable records began in 1992.

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October 31, 2011 · Home Based Jobs · Comments Closed
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