‘Shopaholic’ epidemic hits Britain
One in six of the adult population are shopaholics
Four million British women and three million British men have become addicted to shopping, using credit cards, store cards and loans to supply their obsession.
The British Retail Consortium (BRC) released a report showing that women tend to spend the most on high street clothes, whereas men spend circa £600 a year on designer clothing, nearly double what female shoppers spend on designer goods.
Skincare and cosmetic products, traditionally bought by women, are now attracting the average shopaholic male, who will spend £338 a year on these types of products; while females will spend nearly £200.
Ann Robinson, a director at uSwitch, said:
In today’s celebrity obsessed society, any lessons learnt from the recession have been airbrushed out of the picture. Despite the financial constraints, women have carried on copying the lifestyles and shopping habits of their idols and ignoring the debt they are racking up in the process.
This spend-emic has spread and it’s clear that men too have caught on to the joys and perils of shopping.
Payplan
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5 Ways To Save On Childcare Costs
5 money saving tips to reduce childcare cost
1. Make sure you register for childcare vouchers
If your employer offers childcare vouchers, make sure you’re a member of the scheme they provide, so that you get the best value from your claim.
These vouchers can be used on numerous types of care, including nursery, after-school activities and boarding school.
2. Check the added extras to your childcare voucher scheme
Many providers for childcare vouchers also offer employees who use the vouchers the opportunity to save more money when it comes to High Street and supermarket shopping.
3. Don’t miss out in an emergency
Don’t forgo a day’s wages or your attendance record if your childcare plans fall through.
Find out if your employer offers an employee assistance programme, or a childcare advice line that can offer alternative solutions.
4. Find out about free childcare for those aged 3 and 4
Three and four-year-olds in England are entitled to free learning for a minimum of 12.5 hours per week for 38 weeks of the year. This can take place in nurseries, playgroups, preschools or at child minders.
5. Check to see you’re eligible to receive tax credits
Verify if you’re eligible for the childcare element of the Working Tax Credit. If you are you could receive help towards the costs of a number of childcare services.
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Figures On Childcare Costs Are Released
Childcare costs are rising
Daycare Trust has published a report on the typical childcare costs for 2010. The findings show that:
- The Average cost for 25 hours a week childcare in England is £88; this is more than 50% of the average part time earnings which are £153 per week
- Parents in London can pay up to £11,050 per year for 25 hours of childcare per week, the highest cost in England
- Average yearly expenditure on childcare for parents in England is over £200 more per year than for those parents in Scotland and Wales for 25 hours of nursery care per week for a child under the age of 2
- All types of childcare has risen as a result of inflation
- The cost of a nursery place for children aged 2 and above has risen by 5.1% in England, nearly double inflation
- Over half of Family Information Services across Britain has revealed a lack of childcare
- 50% of local authorities in Britain have reported a lack of sufficient childcare for older children and disabled children
- A local authority-run summer play scheme typically costs £82.60 for one child per week in England. Whereas in Wales, a similar scheme would cost £58.89 and £104.28 in Scotland
- Private, voluntary and independent-run schemes usually cost around £104.55 per week in England, £101.60 in Wales and £96.47 in Scotland
Payplan
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Further Costs Of Living Rising
This time it’s the cost of healthy living
Although food generally only accounts for 12% of household spending, the increase in the price of vegetables and mineral water is going to put a strain on living healthily on a budget. This is in stark contrast from the market a year ago when vegetables were dropping in price.
The Office for National Statistics said:
The month-on month rise of 1% in food and non-alcoholic drink prices was a record rise for June to July.
With both essential costs of living rising and the UK economy set to grow gradually in the next two years, consumers may have trouble paying for their essentials.
Payplan
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