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Loan repayments: Third of families 'have no savings'

A third of families in the UK have no savings and over half are concerned with how inflation will increase everyday living costs.

That is according to a new survey by Aviva, which revealed that 39 per cent of families claim they are too stretched financially to take on any more monetary commitments.

Findings showed that the biggest fears among families were the cost of necessities, redundancy and unexpected expenses.

Louise Colley, head of protection marketing at Aviva, said: "Not surprisingly, in today's society, some families are struggling to make ends meet.

"While it is encouraging to see that most families are trying to save something every month, it is clear that other demands on their finances mean this amount remains below what is needed to guarantee a secure financial future."

The survey revealed that single parent families are most likely to struggle financially, with 60 per cent having no savings and 62 per cent unable to save anything each month.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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