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MSE News: Surprise family income boost, despite recession
Former_MSE_Helen
Posts: 2,382 Forumite
"Families have seen their finances improve over the last year, helping them to boost their savings ..."
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Families generally have also been using their extra cash to pay down their debts and typically owe £9,314, down from more than £10,000 in January, reflecting the mood of consumer caution amid the uncertain economy.
And yet...However, it's not all good news, as debt levels are still 58% higher than a year ago.
Huh?0 -
Only thing I can think is that the average per person debt has lowered but the number of people (and thus, overall debt) taking on debt has risen.
Or (using arbitrary figures):
1 year ago the average was £5000
6 months ago the average was £15,000
Today the average is £10,000
Todays average is therefore down £5k, but is still £5k more than it was a year ago.0 -
callum9999 wrote: »Or (using arbitrary figures):
1 year ago the average was £5000
6 months ago the average was £15,000
Today the average is £10,000
Todays average is therefore down £5k, but is still £5k more than it was a year ago.
Oh yes I didn't read the "In January" bit!0 -
And yet...Families generally have also been using their extra cash to pay down their debts and typically owe £9,314, down from more than £10,000 in January, reflecting the mood of consumer caution amid the uncertain economy.
Huh?However, it's not all good news, as debt levels are still 58% higher than a year ago.
http://blog.moneysavingexpert.com/2011/03/14/are-you-above-average-why-mean-mode-median-matter-for-moneysavers-especially-for-premium-bonds/
and of course the word 'typically' is undefined ...(from blog)
not everyone knew what the ‘mean’ was, or even that there are different types of averages. That’s worrying as companies often deliberately use different averages to help their spin.
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A year ago I owed £0. Today I owe £0.
Income a year ago was 5x what it is today.
This family (of one) isn't feeling better off.0 -
What about the familys that have lost tax credits, they are down a few hundred a month plusDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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Yes, lets see their original data and draw our own conclusions.0
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You can get it from <Aviva Family Finance Report May 2012> (pdf)busybee100 wrote: »Yes, lets see their original data and draw our own conclusions.
Warning: In the kingdom of the blind, the one-eyed man is king.
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Consumerist wrote:You can get it from <Aviva Family Finance Report May 2012> (pdf)Mandelbrot wrote: »and of course the word 'typically' is undefined ...
Hmm ...
They do define their 'typical family' in the Report :At the same time, the monthly net income of the typical family (i.e. the median family in the middle of the sample) in the UK is now £2,150 (May 2012), which is a 4% increase on the same time last year (May 2011 – £2,062).
So now we just need to work out how skewed their sample was.0
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