Household saving is expected to fall by 71% year-on-year to an average of £26 a week in the second quarter of 2022, as inflationary pressures drastically reduce families’ ability to save.
A new study by Scottish Friendly and the Centre for Economics and Business Research (Cebr) estimates households would need to earn an extra £80 a week (before tax) or spend £66 less to save at the same level as in the second quarter of 2021.
Household spending in April 2022 is expected to be 12% higher than during the same month last year, as the Ofgem price cap rise and new tax polices come into effect.
