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Millions Of Britons Living Beyond Their Means

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http://www.telegraph.co.uk/finance/personalfinance/8123416/Millions-of-Britons-living-beyond-their-means.html

They typically need take home pay of £1,700 a month to cover their costs, which equates to more than the average salary. But earnings are failing to keep pace, leaving them with an annual shortfall of £4,320, the findings from insurer Bright Grey suggests.

It found that almost a third of people say their spending puts a strain on the household budget, while 8 per cent admit their spending has put their household into debt.

The most common reason cited by 30 per cent of people for overspending was ‘just because I have to’, while 21 per cent said they enjoy their lifestyle too much to give it up. A further 15 per cent said they are simply hopeless with money and 11 per cent admitted they use credit to keep up with high-earning friends.

Roger Edwards, a director at Bright Grey, said: “Even in an Age of Austerity the public's spending shows no sign of waning, as the average UK adult continues to spend beyond their means and rack up debt.

“Worryingly, this is mainly due to the average salary being far short of that needed to lead a comfortable life and those who just can't help but spend either to fund their lifestyle or just to make ends meet.”

It comes after separate research suggested Britons are typically draining their savings by £100 a month to cover household bills and ‘back to school’ costs.

And this magic money all helps GDP.

Too many people have no idea how to live within their means, nothing wrong with some debt providing you have a clear plan to pay it off rather than just being perpetually in debt.

I wonder how much longer before the damn finally bursts?

Still free money should solve everyone's problems, it's the easy answer and we all love easy answers.

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This is only going to get worse too. Tight fiscal policy means people will have less money available, loose monetary policy means the little money people do have will buy even less.

Still provided the Bankers can continue to bathe in Champagne then I'm sure it will all work out...

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http://www.telegraph.co.uk/finance/personalfinance/8123416/Millions-of-Britons-living-beyond-their-means.html

And this magic money all helps GDP.

Too many people have no idea how to live within their means, nothing wrong with some debt providing you have a clear plan to pay it off rather than just being perpetually in debt.

I wonder how much longer before the damn finally bursts?

Still free money should solve everyone's problems, it's the easy answer and we all love easy answers.

The dam has already burst.

Some are fleeing to higher ground and shouting warnings to those in the valley below.

Most of those in the valley think that those who have fled to higher ground are nutters and continue on as normal. They will eventually be swept out to sea.

Spelling

Edited by LuckyOne

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The dam has already burts.

Some are fleeing to higher ground and shouting warnings to those in the valley below.

Most of those in the valley think that those who have fled to higher ground are nutters and continue on as normal. They will eventually be swept out to sea.

Good analogy.

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OK, so what happened here is an insurance company called Bright Grey which no one had ever heard of thought, how can we raise our profile? They called their PR guru (probably a sloany female) who said do a survey and I'll plant it in a newspaper. They did a survey, methodology unknown, unlikely to be very scientific - it's not going a to peer-reviewed journal after all! - and the PR woman wrote it up as a press release, inventing a quote from a named person because newspaper articles are required to have a quote in them. The press release was faxed to loads of newspapers and one idle hack cut and paste it into an article, then patted herself on the back for filling some space and went home.

That's all.

Edited by Nationalist

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OK, so what happened here is an insurance company called Bright Grey which no one had ever heard of thought, how can we raise our profile? They called their PR guru (probably a sloany female) who said do a survey and I'll plant it in a newspaper. They did a survey, methodology unknown, unlikely to be very scientific - it's not going a to peer-reviewed journal after all! - and the PR woman wrote it up as a press release, inventing a quote from a named person because newspaper articles are required to have a quote in them. The press release was faxed to loads of newspapers and one idle hack cut and paste it into an article, then patted herself on the back for filling some space and went home.

That's all.

Haha, I'm a hack myself and that's pretty much how some of them operate!

Unless they define what a 'comfortable life' is its meaningless anyway.

You're absolutely right about sloaney females. i call them the pink scarf brigade. All the 'soft' communications I get are from them - surveys, invitations to press launches etc. All the 'hard' stuff like ad sales and exhibition space sales comes from pushy men called Steve or Dave with estuary accents.

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This will come as no surprise to HPCers of course.

The question is, how long can it continue before Penfold and gang see sense and raise interest rates?

http://www.telegraph.co.uk/finance/personalfinance/8123416/Millions-of-Britons-living-beyond-their-means.html

Millions of Britons living beyond their means

Almost seven million Britons are living beyond their means and refuse to alter their lifestyle despite the recession, according to latest research.

hey typically need take home pay of £1,700 a month to cover their costs, which equates to more than the average salary. But earnings are failing to keep pace, leaving them with an annual shortfall of £4,320, the findings from insurer Bright Grey suggests.

It found that almost a third of people say their spending puts a strain on the household budget, while 8 per cent admit their spending has put their household into debt.

The most common reason cited by 30 per cent of people for overspending was ‘just because I have to’, while 21 per cent said they enjoy their lifestyle too much to give it up. A further 15 per cent said they are simply hopeless with money and 11 per cent admitted they use credit to keep up with high-earning friends.

oger Edwards, a director at Bright Grey, said: “Even in an Age of Austerity the public's spending shows no sign of waning, as the average UK adult continues to spend beyond their means and rack up debt.

“Worryingly, this is mainly due to the average salary being far short of that needed to lead a comfortable life and those who just can't help but spend either to fund their lifestyle or just to make ends meet.”

It comes after separate research suggested Britons are typically draining their savings by £100 a month to cover household bills and ‘back to school’ costs.

They had just £1,771 in savings during the three months from July to September, down £279 on the previous quarter and the lowest level since records began in January 2009.

Edited: to add article

Edited by Cozza

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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