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Bank charges: Today 'is Household Bill Freedom Day'

Household Bill Freedom Day is today (August 20th), Bright Grey has announced.

Research from the organisation's Financial Safety Net report found that when tax payments, bills and housing costs have been deducted from the typical Brit's salary, today is the day in which they are earning for themselves.

In a study that indicates why credit card charges can be so hard to cope with and loan claims can seem essential, the investigation found the average person works 150 days every year to pay the state, followed by another 55 days to cope with housing costs.

Bills represent a further 28 days of employment, representing 7.58 per cent of the average Brit's salary.

However, this proportion is dwarfed by the 41.22 per cent of a British person's income that is taken in tax and the 14.96 per cent spent on accommodation.

Bank charges and other debts consume 4.57 per cent of the typical wage, or 16.7 working days.

"It is the end of October - ten months' salary - before the average Briton can really use their money on anything they want to rather than necessities," Bright Grey managing director Roger Edwards pointed out.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801432386-ADNFCR

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