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Recession Statistics for UK Families

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Families around the UK feel financially strained as unemployment and the rising costs of living continue to take a toll. According to the Office for National Statistics, the UK unemployment rate was 8.4% in the last quarter – the highest since 1995. Statistics show that young people are suffering the most, with more than one in five without job. This takes the unemployment rate between16-24 year-olds to 22.2%. Food prices i Britain are also rising at three time the rate of the world’s biggest seven economies. Figures from the OECD puts the food inflation rate at 6.3% compared to an average 2.% for the G7 group on nations – France, Germany, Italy, Japan, United States and Canada.

When the recession hit in 2008, it sent the nation spiraling into financial chaos.

With unemployment currently standing at 8.4% – the highest it’s been since 1995 – and inflation sky-rocketing everyday essentials, families are worried that the economy is driving them deeper into debt.

Prices at the pumps are at an all-time high and food inflation has risen to 6.3%. That’s three times the rate of the world’s seven biggest economies, bringing the average weekly household expenditure to £473.60.

As salaries stay the same and families work hard to meet everyday living costs, disposable incomes have dipped for the fifth year running. As a result, many people have sought help through Debt Management Plans, IVAs and Debt Relief Orders so that they can manage their debts more effectively and stay in control of their finances.

Scorecard

Design: B+

Fun graphs, lots of fun drawings and a fun layout. So this was fun infographic with an interesting visual design.

Information: B+

No lack of information here. Just depressing, for the young people in Britain.

via: Baines & Ernst


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