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Posted by Emily Swanson

A growing number of Britons are being forced to use their savings in order to pay for everyday purchases as the effects of the recession continue to be felt.

That is according to Keith Churchouse, director of Chapters Financial, who believes many households up and down the country are struggling financially as real incomes continue to fall due to rising inflation and declining wages.

Mr Churchouse advised it is a good idea fro families to try to maintain "three to six months income of savings" in order to protect themselves in such delicate times.

However, he noted this is seen as impossible by a lot of people due to the "aggressive" nature of inflation over the last year, which means many are finding they need to "dip into their savings to make ends meet".

This comes after David Rodger of the Debt Advice Foundation urged consumers to avoid resorting to credit cards to pay off their arrears. 

20/01/2012 13:09