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Families have PS153 after bills.

THE average Midlander is left with only PS153 spending money each month after essential bills and expenses, according to new research.

The new index by ISA provider Scottish Friendly reveals that despite taking home an average monthly salary of PS2,171 after tax, less than a tenth remains after living expenses like mortgage payments or rent and utilities are taken into account.

Despite this, paying down debt and building a savings pot remains a priority for many, with over half of people still managing to save or invest each month. On average, people put aside PS75 each month, although nearly half of those who save manage to put aside PS100 or more.

Neil Lovatt, product director at Scottish Friendly, said: "There has been a transformation in the British mindset when it comes to managing finances.

"In the recent past, household budgets were very much driven by borrowing.

"However, the emphasis now seems to have gone full circle and we have returned to a post war emphasis on saving and paying down debt."
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Publication:Birmingham Mail (England)
Date:Apr 19, 2014
Words:172
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