UK Money News
30th July 2008
Brits stung by higher living costs
Increasing numbers of consumers are struggling to meet day to day living costs, amid surging inflation and stalling earnings growth.
In Legal & General's (L&G) MoneyMood survey it was discovered that the percentage of people whose earnings exceed their outgoings on bills and debt has fallen from 59 per cent to 57 per cent.
Married couples have been even harder hit with the proportion whose earnings enable them to cover their living costs falling from 62 per cent to 53 per cent.
The research also revealed that the downturn in sentiment has ushered in a new resolve to save money rather than spend it, with the majority of the sample saying they are now more inclined to put money aside than splash out.
Jonathan Latham, director of wealth customer marketing at L&G, said: "Investing for a rainy day has never been more important than now. It is encouraging that MoneyMood shows the overall trend reflects a mood to save rather than spend.
"However, for some, this sentiment has not been enough to keep the wolf from the door."
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