Savings gap between low and high income households widens, report reveals

20 Feb 2017

A report published by insurance company Aviva has revealed that the savings gap between low and high income families in the UK has grown by 25% year on year.

According to Aviva’s latest Family Finances Report, families with low incomes have just £95 in savings and investments, whilst those with high incomes have an average of £62,885.

25% of families in the UK are now classed as low income, whilst 8% are classed as high income.

The report also suggested that families’ savings have fallen to the lowest level in 18 months as a result of a decline in typical monthly incomes. Such incomes have fallen to £2,006 – representing a two-year low.  

Paul Brencher, Managing Director of Individual Protection at Aviva, stated: ‘The gulf between low and high income families is showing signs of widening, in a worrying indication that those less fortunate are finding their finances increasingly stretched.

‘Without a financial back-up, any sudden unexpected expense could put low income families in particular under added pressure.’


accelerate_logoBAS_logoicaew_logoChartered Tax Advisers logo
Copyright

© 2018 Mark J Rees LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
0116 2549018

Address
Mark J Rees LLP, Granville Hall, Granville Road, Leicester, Leicestershire LE1 7RU

Mark J Rees LLP is a Limited Liability Partnership Registered in England & Wales Number OC362074. A list of members’ names is available at the business address. MJR, Mark J Rees and MJR Wealth Management are trading styles of Mark J Rees LLP which is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and authorised and regulated by the Financial Conduct Authority.

‘Partner’ refers to a director of a corporate member.