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UK Consumers Continue to Feel Effects of Inflation Despite 0.3 per Cent Drop in May


News provided by

moneysupermarket.com

12 Jul, 2011, 11:30 GMT

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CHESTER, England, July 12, 2011 /PRNewswire/ --

  • High inflation stretches household budgets, making saving difficult
  • One in four moneysupermarket.com customers can no longer afford to save
  • One in five put less aside than they used to

Today's announcement by the Bank of England that inflation has fallen to 4.2 per cent is welcome news for the UK economy, however the announcement marks the 18th consecutive month where inflation has been higher than the Bank of England's target of two per cent. High living costs continue to be a problem for UK households, especially those trying to put money aside or protect the value of their existing savings pots.

A poll* run by moneysupermarket.com, Britain's number one comparison site, asked customers whether high inflation has affected their savings habits and reveals just one in five consumers (18 per cent) have not felt the impact.

A quarter of respondents (25 per cent) claimed they can no longer afford to save as the cost of living has increased, highlighting just how much of a squeeze rising costs are having on household budgets. A further 15 per cent of those surveyed don't save anything now, a figure that has risen from nine per cent in April 2011.** The poll also revealed almost one in five (18.6 per cent) save less than they used to and 10 per cent are now paying off more debt due to inflation.

High inflation is also having a negative effect on existing savings pots. To beat inflation, basic rate tax payers need an account paying at least 5.26 per cent to gain benefit in real terms from their savings, increasing to 7.01 per cent for higher rate tax payers and a staggering 8.41 per cent for top rate tax payers. There is no UK savings account that pays enough to offset the eroding effects of inflation.

Kevin Mountford, head of banking at moneysupermarket.com said: "Whilst this drop can only be seen as good news, inflation is still running at very high levels and when combined with a static Bank of England Base Rate this represents a very real problem for UK's consumers, particularly those trying to save. For those with existing savings, protecting their pots should be a priority as inflation will be slowly eating away at the value of their money. For others, the ability to save is being hampered by rising cost of living leading to a significant fall in disposable income.

"Finding a product that beats inflation is almost impossible, however it is still important to check your savings rate, shop around and be prepared to switch. Even if they can't beat inflation, the difference between the average and top paying rates is considerable, so switching to a better deal can help savers limit the impact on their pots.

"Clearly the majority of consumers are finding it tough to free up any money to put aside and with factor like energy price hikes, the cost price of fuel and pay freezes for many workers, this situation seems set to continue. However, regular saving is still extremely important and many people will be surprised by how much cash they can free up by simply sitting down and reviewing their finances. Every penny counts at the moment so looking at day-to-day spending as well as bigger commitments, such as heating, insurance and financial products are really important."

moneysupermarket.com's customer commitment

  • No other site compares more prices or products
  • We are independent so only find the best deals for you   
  • The price you see is the price you pay - you don't need to go direct and you won't get a better deal doing so   
  • Your details are safe with us and we wont sell them to anybody.

moneysupermarket.com compares (at 24th June 2011)

  • 102 car insurance providers and 77 home insurance providers
  • 13 broadband providers and 19 energy providers   
  • 28 unsecured loan and 5 secured loan providers
  • 65 mortgage lenders and 31 credit card providers
  • 68 savings providers and 33 current account providers.
  • Over 750,000 mobile phone deals

We promise to be clear and impartial

  • All the products in our full search results tables are displayed in a completely unbiased manner.
  • We don't add fees or commissions on to the prices we compare.
  • There may be times when another site compares more companies than us on a particular product, perhaps because of market changes or technical issues. You'll be able to see this and know we are working hard to fix it.

We promise to be trustworthy

  • We never use your data to make unwanted sales calls or send you spam.
  • We never pass your personal information to third parties unless you give us permission to do so.
  • Even if you choose to receive additional information from us, you can opt out at any time. 
  • We promise to be supportive.
  • You can use our community forum to get information and help from other customers.

If you need further help or support, you can contact our sales advisors, customer services agents.

Notes to Editors:

* moneysupermarket.com carried out a site poll between 30 June 2011 and 07 July 2011.  Total 3,325 respondents.

** moneysupermarket.com carried out a site poll between 25 March 2011 and 01 April 2011. The poll received 2,089 respondents


For further information, please contact:
Jemma Green / Duncan Skehens / Victoria Murray
Lansons Communications
+44(0)20 7294 3642 / 020 7566 9732 / 0207 566 9708
jemmag@lansons.com / duncans@lansons.com / victoriam@lansons.com

Kevin Mountford
Head of banking
+44(0)787 237 8537
kevin.mountford@moneysupermarket.com

Paul Lawler
PR Manager (Financial Services)
+44(0)1244 370317
paul.lawler@moneysupermarket.com  

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