Brits told to save "little and often" to support family
An average British breadwinner spends £9,648 a year supporting their family, new research has shown.
The study by engage Mutual Assurance claims that the average worker with a family spends £804 a month on their partner and children, compared to £85 on themselves.
According to the survey, young adults under the age of 25 spend an average of £123 a month on personal luxuries, compared to the £75 spent each month by parents.
Karl Elliot, 3GB spokesperson for engage Mutual Assurance, has noted that breadwinners often must make "major financial sacrifices" to provide for the needs of their family.
"We can't stress enough the importance of planning well in advance for the future by saving little and often as early as possible," he said.
"Regularly investing small amounts in tax efficient accounts means savings can build up over time without paying more tax than is necessary," he added
Research earlier this year by Skipton Building Society put the average number of children in the British family at 1.31, down from the traditional 2.4, with financial concerns cited as a major contributing factor for this drop.
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