Money Problems Reduce Standard of Living

Published on 1 January 1970 by Raffick Marday

The economic downturn has seen over 30 million Brits’ standard of living decline, according to a new study.

One third of Brits also believe their standard of living will decline over the next three years as the nation goes through economic recovery and public sector cuts are felt.

Just one in seven feels their living standards have improved since the credit crunch in 2007, Scottish Provident’s Financial Safety Net report reveals.

“The last few years have hit many Britons hard,” said Susan Barclay, Scottish Provident’s head of marketing.

“It has never been more critical for individuals to ensure they have built up an adequate Financial Safety Net to try and combat any unexpected decline in their living standards.”

The majority of Brits, 66 percent, state having adequate savings is the main factor which contributes to a reasonable standard of living.

Fifty eight percent do not have any form of financial protection in place, highlighting the difficulty they would face should they be made redundant or suddenly not able to work.

A further 31 percent state they would have to drastically have to cut back on their living costs should the main family breadwinner be unable to work.

Prepaid Cards UK to Help Save for the Future

As the research shows, having savings in place for potential difficulties in the future is vital for obtaining a good standard of living.

If you struggle each month to set some money aside, try using a prepaid card UK to help you budget your outgoings more effectively.

The card can be loaded with your budget for everyday essential purchases, and when you have used all the funds, the card will not let you spend any more as it does not have an overdraft facility.

It is also a good option for those who are finding it difficult to obtain a credit card due to a bad credit rating, as anyone can apply for a prepaid card UK.


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