UK Money News
5th August 2008
Outgoings eat into bank balances
Consumers have less in their current accounts as a result of the soaring cost of living, it has been discovered.
According to HSBC, its average customer currently holds around £1,000 in their current accounts.
This is five per cent less than a year ago, when the average sum kept in an account was £50 more.
The trend is thought to have been driven by skyrocketing energy and food bills as well and to a lesser extent by customers transferring their money into high-interest savings accounts.
Joe Garner, head of personal financial services at the lender, told the Times: "People are really feeling the squeeze. There is definitely some strain there."
News of the decline in average balances comes after both British Gas and EDF Energy have this week hiked their prices, placing more strain on household finances.
British Gas increased the cost of gas by 35 per cent, which is thought to be the single largest hike ever imposed by an energy company.
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