Household bills freedom day falls on 20 August 2012

With Britons now needing to work solidly until mid-August every year just to cover their tax payments, housing costs and household bills, Bright Grey has named Monday 20 August "Bills Freedom Day".

According to exclusive research from Bright Grey's Financial Safety Net report, today is the first day of the year after paying for tax and rent / mortgage that people no longer have to work to pay their household bills. Up until today if people paid for everything up front they would have spent a staggering 150 days working for the state and 55 days working to pay for housing.  Bills Freedom Day marks the end of a further 28 days paying for bills.

In addition, whilst they spend just four days to make sure they are protected by life, income protection and critical illness cover, Britons spend more than twice that on socialising.

Roger Edwards, managing director, Bright Grey, commented: "Despite spending more than half the year paying for tax, housing and bills, a further two months to pay for food shopping, any debts and essential transport, it is the end of October - 10 months' salary* - before the average Briton can really use their money on anything they want to rather than necessities. 

"Given that we have to work so long to cover the basic living costs it is worrying that we are willing to lavish 10 days of our salary on going out and entertaining compared to the four days that we allocate protecting ourselves and our families should we lose our income. We urge Britons to review their finances and really think about what they spend their money on so they can prioritise safeguarding their futures."