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Wednesday 30 May 2012

British employees 'work 17 full days' to pay off debts

The average British staff member works 17 full days of the year to pay off their debts, according to the latest study.

Research carried out by Bright Grey for its Financial Safety Net report shows that these 17 days keep up with the average £1,500 debt that each person has, which is almost 50 per cent more than what is set aside for an annual savings pot (just over £1,000).

After their tax obligations, the average British full-time worker has to work solidly until late July just to earn the enough to meet their essential outgoings, the data indicates.

The figures were released to coincide with Tax Freedom Day, which is so-called by the Adam Smith Institute to describe the first day of the year on which the average full-time employee stops working for 'the State' to pay off their taxes.

This is the equivalent of if they paid for everything up front, rather than as a percentage of each month's pay, and starts earning money to spend as they wish.

Roger Edwards, proposition director at Bright Grey, said there are a range of costs that families struggle to cover during the course of the year, which can soon add up.

"It is therefore, to an extent, little wonder that savings and protection take up so little 'time' in our expenditure calendar as many people feel they have so little left over," he explained.

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Posted by John Oak and Wayne BlyADNFCR-1617-ID-801374986-ADNFCR

Source: The Sales Director News

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