Wealth levels in the UK have fallen to a 10-year low, according to the annual LifeSearch Health, Wealth and Happiness Index. The combined Health, Wealth and Happiness Index – compiled by the Centre for Economics and Business Research (Cebr) for LifeSearch - fell 11% over the last year. But the wealth element fell even more sharply (15%) to the lowest level since 2013.
LifeSearch’s data has also revealed that almost one in three Brits have had to raid their savings over the past year to cover rising living costs, depleting their rainy-day funds of £292 on average every month, totalling £3,506 a year. Across the UK, that’s a combined total of more than £53.3bn lost from savings over the past 12 months. Among adults that dipped into their savings, one in 10 (11%) have spent over £500 each month from their savings.
On top of this, one in 12 (8%) people have had to ask their families for money – £401 a month (£4,812 in a year) on average – which means Brits have had to borrow more than £21.6bn from their loved ones over the last year. Furthermore, one in eight people have been forced to take on more debt, either short (8%) or long term (4%), borrowing £579 on average.
