Talk Money Blog Talks With Susanna Reid
BBC News Breakfast presenter, Susanna Reid discussed the recently commissioned report by the independent think tank Resolution Foundation which was polled by Ipsos MORI with Talk Money Blogs’ money expert Mark Aucamp.
Money Expert Mark Aucamp from Talk Money Blog agreed with the findings of this survey by saying that we are currently in the midst of the longest recession for 100 years. He called on the government to stop the further petrol price increase due to come into effect this April. Mark said it would take yet more money out of the pockets of struggling families at a time when the government should be encouraging us all to spend more money to get the economy moving.
During my conversation with Susanna I did mention that the government did not have any money as they had already introduced austerity measures and there was no more money available. I said that we the people would need to find ways of cutting back on our spending.
I also said that familes were trying to maintain their lifestyles by reducing unnecessary spending on products and services and they were looking to comparison websites, cashback offer sites, discount vouchers and money off coupons before buying everyday products and services in order to find ways to save money. Talk money Blog does feel that the findings in this report are already being realised by people all around the country.
The Resolution Foundation Findings:
- The report highlighted the concerns that people in Britain were having about their household finances and how they intend to make significant cut backs in their spending in the forth coming year.
- Their report also suggested that more people intended to save more money and that they planned to pay off more of their debts in the forth coming year.
- Twenty three percent of adults expected their household finances to get worse this year. They also suggested that families on middle to low incomes were more pessimistic about the future and this mirrored their findings from last summer.
- Of those polled it suggested that thirty two percent of families were planning to reduce their spending this year. This is a sharp rise when compared to the nineteen percent who were going to reduce their spending last October. They further discovered that thirty eight percent of the poorest families in Britain were more likely to cut their spending in the year ahead.
- Some thirty percent of those polled said they had spent less money last Christmas.
- Nineteen percent of those polled said they could not afford to go on holiday this year.
- According to the report it seems that twenty five percent of those surveyed felt optimistic about receiving a pay rise in the coming year whilst thirty two percent of the high earners polled were more confident.
Talk Money Blog Agrees With The Findings Of The Resolution Foundations’ Report
The Chief Executive Gavin Kelly of the Resolution Foundation said ‘families that are already hard pressed are preparing for yet another very tough year ahead, with a big rise in the numbers planning to cut back spending as well as trying to save and reduce their debts. Given this gloomy backdrop it’s a real worry that a new round of cuts to tax credits planned for April will further dampen the spending power of low to middle income families. The longer households cut back on spending, the longer it will be before we see real economic recovery’.
Talk Money Blog Reports and you decide
The independent think tank, The Resolution Foundation is constantly working to improve the lives of families on middle to low incomes which includes around eleven million adults and approximately six million households in the UK. If you have any thoughts or comments that you feel Talk Money Blog should have said then leave us a comment below.