Deadline to Breadline is extended but L&G warns over affect of rise in rates

first_img Deadline to Breadline is extended but L&G warns over affect of rise in rates More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKansas coach fired for using N-word toward Black playerthegrio.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Joseph Millis whatsapp Share Show Comments ▼ An average working-age family will be reliant on state benefits and friends and family alone for finan­cial support within two weeks of losing their income, once their savings run out, a report reveals today.And according Legal & General’s latest Deadline to the Breadline Report, with over 65s included, the overall average deadline is still only 29 days – an increase of three days since the last report in February – from 26 to 29 days. The improvement is largely because savings buffers have generally increased among 18-24-year-olds since the previous report.However, rock-bottom interest rates and falling real incomes have meant that households are saving £8.12 less per month on average in 2014 compared with last year. With 35 per cent of the population not having any money put away, this could potentially see a significant number of people on the breadline, in the event of an unexpected shock to their income.With a majority of people expecting interest rates to rise by the end of 2015, the report found that a two per cent increase in mortgage interest rates would move the typical household with a mortgage one day closer to the breadline. Even a one per cent rise would mean households would no longer be able to save each month and would have to change their spending habits, or rely on existing savings, to make ends meet.Mark Holweger, managing director (intermediated), Legal & General Assurance Society said: “While it’s heartening to see an improvement in the financial situation of UK households, this fourth edition of our Deadline to the Breadline report exposes the harsh reality that many households are on the brink and just weeks away from becoming reliant upon family, friends or the state.”He added: “With new economic headwinds approaching and an interest rate rise on the horizon, now is not the time to be burying our heads in the sand.” whatsapp Monday 24 November 2014 8:43 pm Tags: NULLlast_img

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