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Thirty-somethings struggling with cost of living

Thirty-somethings struggling with cost of living

Category: Savings

Updated: 16/05/2013
First Published: 15/05/2013

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 It is now over 6 months old so the content may be out of date.

Over 70% of people in their thirties are concerned about their ability to put money aside for their future, according to research by Halifax.

Almost half of people (45%) in the same age bracket admitted they are losing sleep at the thought of paying off existing credit card, loan and overdraft debts whilst coping with rising living costs.

Reflecting the true financial strain facing millions of homes across the UK, the survey found 46% of families would be pushed to the edge of their financial capabilities by an increase of just £99 to their monthly outgoings.

Anthony Warrington, director of personal current accounts at Halifax, advised households to make strict budgets in order to stay in control of their finances.

"Rising prices are putting disposable income under increasing pressure, but with essentials such as mortgages/rental payments, food, and energy/fuel bills taking up the largest chunk of household spending, it leaves some households with little room for maneuver.

A number of savings accounts offer competitive rates in return for small minimum deposits:

  • Nationwide Building Society's market-leading e-Savings Plus account pays 2.00% to savers with investments of just £1 and over. Funds can be withdrawn without advance notice or penalty, although the rate will revert to 0.10% if more than five withdrawals are made in a year.
  • Savers must open or hold an existing FlexAccount current account to be eligible for this deal.
  • The Online Saver Plus from Triodos Bank pays an annual rate of 1.65%, including a 1.65% bonus for twelve months.
  • Minimum deposits start at just £1 and up to three notice and penalty-free withdrawals can be made in a year.
  • Savers who do not require immediate access to their money may find the 90 Day Notice Gold Account from United Bank UK appealing. An AER of 2.26% (2.25% gross) is paid half yearly for deposits of £1 and over.
  • Advance notice of 90 days' is required prior to accessing funds.

What next?

Compare instant access savings accounts (without bonus)
Compare instant access savings accounts (with bonus)
What does AER mean?
How to start saving an emergency fund
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
 
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