Friday, Mar 19, 2010
Just a few more straws,and this camel is fvcked
Telegraph: 5m spend more than they earn
The total of 5.4m adults who live beyond their means equates to 11pc of the adult population and is a rise of 600,000 or 12pc from the 4.8m adults found to spend more than they earned when the survey was carried out in 2008.Of those who needed to borrow to plug the gap between what they earned and what they spent, almost half used an overdraft while just over a third resorted to their credit cards, the survey found.
Posted by waitingtobuy @ 08:07 PM (547 views) Add Comment
2 Comments
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1. little professor said...
Wayyyy more than 5m. This is nonsense
2. uncle tom said...
Taking their numbers as gospel, this indicates that 80% of the adult population are living beyond their means, breaking even, or have a meagre savings rate.
However, the numbers clearly include pensioners, who are not generally expected to save.
That said, this points to a very serious debt crisis when interest rates rise, and leaves me wondering what percentage of young people who should be saving for a mortgage deposit are actually doing so..