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Household income falls to seven year low

Household income falls to seven year low

Category: Economy

Updated: 31/07/2012
First Published: 31/07/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Households are continuing to feel the pinch as the economic crisis continues.

The average income for UK households fell to its lowest level since 2005.

Equally concerning was the news that the average amount of disposable cash reduced by 1% in the first three months of this year, its second lowest level for nine years.

On average people have a disposable weekly income, after tax, of £273.

The figures, released by the Office for National Statistics, reflected the fact that many households across the UK are experiencing financial hardship as a result of the recession and have become more prudent as a result.

Paying off existing debts and bills appear to be the primary focus for many households, as opposed to spending or saving money.

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