FAMILY SAVINGS PLUMMET UNDER AUSTERITY REGIMES

Dumbarton from the air

Dumbarton from the air – every house should have savings. Picture by Bill Heaney

Baillie 9
Jackie Baillie MSP

By Democrat reporter

Jackie Baillie MSP has said that austerity has had a negative impact on household savings.

New analysis has revealed that household savings have plummeted by almost £2,400 since the Tories were elected into power in the U.K. Parliament.

The figures reveal that there has been a 62 per cent drop in household savings since 2010.

In 2010, Scottish households on average had £3,840.41 in the bank, but by 2018 this had plummeted to just £1,470.16 – a fall of £2,320.25.

The MSP said: “This is a prime example of the impact of Tory austerity on our society. People are struggling to save due to the cost of living crisis which has been fuelled by stagnant wages and personal debt.

“At the same time, the incomes of the super wealthy have soared because of tax cuts at the top.

“Its time we had a government that will invest in our people, communities and public services, making our economy work for everyone.”


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