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Bank charges: Third of Brits have 'no spare cash'

Bank charges may be one of the reasons why a third of Brits feel they have no spare cash.

According to research by the British Retail Consortium (BRC), 65 per cent of consumers have switched to cheaper grocery brands in a bid to save money.

The Consumer Confidence Survey released today (August 11th) showed that consumers' intentions to spend are at an all-time low.

Stephen Robertson, director general of the BRC, said: "The squeeze on disposable incomes is getting tighter … Weakness in the economy and rising utility, fuel and food bills top consumers' concerns for the next six months.

"Even after paying out for essentials, households that do have spare cash are choosing to pay off debts and build up savings rather than spend on the high street."

Chris Morley, Nielsen managing director for UK & Ireland, added that shoppers are cutting back on essentials and that confidence is no higher than it was two years ago in the middle of the recession.

Charles Baker

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

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