ADVERTORIAL
Wednesday 5th September 2012
The latest Aviva Family Finances Report shows the average family income has fallen from ?2150 to ?2003 since May 2012, suggesting some parents are taking unpaid leave or cutting down on hours to care for children during school holidays.
While incomes have dropped, expenditure has increased and families are shelling out more than ever to entertain their families, spending nearly ?1800 a year (?148 per month). The report also examines the trend of intergenerational living and looks at how these families fare - both financially and emotionally - under one roof. This is detailed in a separate news release.
Almost half (46%) of families say they have not spent anything on holidays this quarter, although the vast majority (79%) have paid for entertainment and leisure activities. This suggests many people could be enjoying "stay-cations" this year and taking advantage of amusements closer to home.
On average families are spending ?63 per month on leisure interests (excluding holidays), while children's activities add ?85 to parents' monthly bills. The families who do pay for breaks budget an average of ?158 per month, amounting to ?1896 annually.
Family debt levels have risen over the quarter, creeping up from ?9314 in May 2012 to ?10,563 (excluding mortgage debt). The most common types of borrowing are through credit cards (?5134) personal loans (?8555) and overdrafts (?4423).???????????????????????????????????????????????????????????????????????????????????? ??????????????????????????????????????????
However, loans from family and friends have more than doubled over the last quarter from ?701 (May 2012) to ?1545 (August 2012). This is the highest figure disclosed since the report series began, and perhaps an indication that people are turning to families to avoid more formal borrowing and its associated charges.
While incomes have fallen overall, figures also suggest a drop in the number of more well-off families. The report series shows the proportion of families with an income of more than ?2,500 per month has fallen from 36% to 31% year on year. This seems to suggest that while employment figures have improved, salaries at the mid to upper end of the scale may not have done.
Louise Colley, head of protection sales and marketing for Aviva said: "Again this report shows that families are making difficult decisions to balance the books. Even in the peak holiday season, almost half of families aren't spending any money on breaks, but it seems parents are trying to reach a compromise by spending on days out and children's activities.
"As every parent knows, school holidays can be a financial challenge, particularly for workers who don't receive paid leave. However it seems that families are trying to cut their cloth accordingly and the fact that some have dipped into savings this quarter suggests they may have been planning ahead. Families can take comfort in the fact that summer is the ultimate seasonal blip and that normality will return soon!"
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George Bailey
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Source: http://www.investortoday.co.uk/news_features/family-incomes-fall-over-summer-holiday-season
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