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Wealthy singles 'better able to weather recessions'Posted on: April 9, 2010 16:58:01
Figures from the Office for National Statistics (ONS) indicate that wealthy singles might be better placed to withstand times of economic recession.
The office explains that wealth is different from income, because it relates to what an individual owns rather than what they earn.
Wealthy singles - and their attached counterparts - are therefore likely to have a greater number of high-value possessions, potentially including residential property and cars.
During times of recession, this helps to give them financial stability if their income happens to drop for any reason.
"The terms wealthy and high-income are often used interchangeably; however, they relate to quite distinct concepts," the office asserts.
As wealth includes cash savings, the income earned from interest can help to offset any drop in earnings during turbulent financial times.
The ONS notes, however, that Britons are increasingly spending their income on services, rather than on goods - which could mean that some households are not accruing material wealth that accounts for as great a portion of their earnings as in previous years.
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