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Why the Personal Savings Rate is so Low: The Untold Story
By Susan Boskey


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Many people in the UK, in fact as many as one in three UK taxpayers have paid too much tax! Greer & Taylor LLP a respected and trusted accountancy service provider has just launched a new website The Taxation People which can be found at www.thetaxationpeople.com the new online tax refund service is dedicated to getting the maximum legal tax refunds for indviduals whatever the circumstances on a `No Win No Fee` basis The Taxation People offer a online service, with a simple and easy to follow process that will guide you along the way as you get the refund you are entitled to. In the `my account` section of their site you can track the progress of your refund application and ask questions using a secure service. I would urge you to check out www.thetaxationpeople.com, where you can enlist the help of the The Taxation People who will get you the Tax Refund you are entitled to. Greer & Taylor LLP will be following up the success of their Tax Refund service The Taxation People by launching a cost effective Self Assesment Service, keep an eye on www.greer-taylor.com for more information.

Unsecured Loans
Another large garage bill makes you wonder if it`s really worth spending any more money on the car. It has reached the time in its life when it`s started to cost you in upkeep and a newer model might prove to be less bothersome. With no savings to speak of you might be considering one of the Unsecured Loans that a price comparison site has pinpointed for your needs. You looked at the Unsecured Loans a few months ago but haven`t done anything about it since. Using the website that searches for low cost loans is easy as you simply enter the loan amount that you are interested in, the time period that you need it for and the purpose of the loan. The company will also need your employment status and some information about you. An initial assessment will take place for the best quote available and once the loan comparison site has found the best quote, they`ll be in touch with you. Think about the type of car that you could get with one of the Unsecured Loans and how much cheaper it would be to run. You could even combine a few of your other smaller loans into the new one to cut down on your monthly outgoings.


I am reminded about the phase ?there?s no money in truth?. I mention this on the heels of an AP news article January 30, 2006 declaring that personal savings have not been as low as they are today since the period of 1932-33 during The Great Depression. The Department of Commerce recently released data indicating personal savings, once nearly 11% in 1984, plummeted to 0.5% in 2005. Said another way, people are spending more than their after-tax earnings and no doubt using credit to fill the gaps.

The article goes on to point the finger for this disconcerting fact to American complacency as per high real estate prices (paper wealth) and general over consumption. With 78% of baby-boomer Americans turning the corner towards retirement, the negative rate of savings is alarming. According to Lyle Gramley, senior economic advisor at Schwab Washington Research Group,"Americans have been content to spend a lot more than is good for them or for the economy?.

Interestingly, the AP article never once mentioned the impact skyrocketing cost of living for life?s basics: health insurance, mortgages, rents, groceries, higher education, child care, home heating, etc., was having on the ability to save any money. This fact alone pushes families to the edge and often over the edge of their budgets as they are forced to make some difficult choices.

Now for the ?there?s no money in truth? part of this article. Ever notice how we the ?consumer? are always the ones at fault for the glaring financial challenges so many people face these days? What?s worse, most everyone agrees. It?s like in the Emperor?s New Clothes where everyone agrees that the emperor is wearing the finest garments. But is he really? Similarly, are we alone, as individuals, responsible for the personal finance crisis that currently affects millions? I don?t think so.

There?s seldom a shred of accountability from the financial industry and advertisers in general when it comes to the blatant selling of emotional propaganda such as ? Live Richly? and ?have it all now?. Their version of happiness and success is the one most often subscribed to. How do experts like Lyle Gramley think we ?consumers? came to cultivate our attitudes and spending styles in the first place?

Not to mention, don?t even think of taking a look at the structure of the monetary system itself. You could discover that its system design has a direct affect on the average American?s ability to put some money away. Heaven forbid. That would be biting the hand that feeds you! Throughout history, change agents have known effective and permanent change in any sphere of life requires review and adjustment at a systemic level. As regards the financial conundrum of more money going out than coming in on a mass societal level, the same thing holds true. Until we each are willing to consider the critical systemic component to this snowballing financial crisis, one thing is certain: Behind closed doors, people will continue to believe they have only themselves to blame.

Susan Boskey is author of the book, The Quality Life Plan?:7 Steps to Uncommon Financial Security available at http://www.alifestylerevolution.com. Her company, Redefining Success, LLC, specializes in breakthrough personal finance products and services that address the unique economic challenges people face today.

Article Source: http://EzineArticles.com/?expert=Susan_Boskey

For more information about this article and/or the author visit http://www.alifestylerevolution.com

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