British consumers are seeing their disposable incomes squeezed by a range of factors as the cost of living rises, according to recent research from uSwitch.
With debt management problems continuing to worsen around the county, the price comparison firm reports that net household incomes as a percentage of gross income has decreased by close to five per cent since 1997.
Meanwhile, over the past ten years, council tax rates have increased by an average of around 92 per cent and house prices have risen at a rate five times faster than the typical salary of a UK consumer, according to the latest figures.
“Cool Britannia is now cost-a-lot Britannia,” said Mike Naylor, uSwitch’s personal finance expert.
“We are working harder, but we are not getting any wealthier – we are running just to stand still,” he added.
Data complied by accountancy firm Grant Thornton recently showed that the UK’s overall personal debt management mountain is worth more than the country’s annual gross domestic product.