Families are having to rely on savings to afford the essentials. A growing number of families are being forced to raid savings accounts such as ISAs as a way of affording essential everyday outgoings like gas and electric.
That is the view of Tim Nichols, spokesman for the Child Poverty Action Group (CPAG), who has said the rising cost of living in the aftermath of the global economic downturn is putting additional pressure on household finances.
Mr Nichols explained that consequently, those who are “fortunate to have a bank account” containing spare funds face little choice but to dip into these funds put aside just to make ends meet on their bills.
He stated that there has been “some evidence” in recent economic figures that this is the case, as consumer spending patterns appear to show the increasing reliance individuals have on the likes of ISAs. Read More
