Alliance & Leicester: Savings and assets outweigh debts
The total value of savings and assets in the UK is roughly four times higher that that of the nation’s mortgages and debts, according to Alliance & Leicester.
In a new study, the company revealed the sum of people’s savings and equity in the UK is £5.1 trillion - compared with the £1.3 trillion debt mountain.
However, while these figures may suggest the UK is safely in the black, it was also found that this wealth is not spread evenly across the population.
For example, people living in London, the south-east and the south-west of England own 51 per cent of the nation’s net assets and 46 per cent of total savings.
Furthermore, 62 per cent of the UK’s personal wealth belongs to the over-55s.
Yesterday, Alliance & Leicester launched a Visa pre-paid card for business that will allow employers to load with money for staff expenses.