Fall In Disposable Income Reason For Rise In Money Competitions?

Nov. 9, 2011 - PRLog -- Recent reports have highlighted that Britons have far less disposable income in previous years – and it is set to fall even further.

There are many reasons for this, one major one being the recession which has forced incomes down and utility bills up.

Economist Charles Davis commented, “Rising unemployment has added further pressure to household finances in recent months, compounding the squeeze on spending power caused by high inflation and weak earnings growth. The Asda Income Tracker shows that family spending power has fallen sharply compared with a year ago. With the UK economy in a particularly precarious state at the moment, things could get worse before they get better. However, inflation should fall back in 2012 and the Bank of England is unlikely to raise interest rates anytime soon given the weakness in the UK economy.”

It is anticipated that Christmas will see a slight rise in consumer spending, anticipated to be around 14%. However, the majority of consumers will be looking on bargain sites such as eBay to locate the best deals and spend far less than usual.

Despite the recession pushing disposable income down, some cash competitions sites are offering more cash prizes than ever before. This might include amounts of money anywhere up to £25,000. Even the £1000 cash prizes would put many in good stead for the Christmas season.

The squeeze on disposable income combined with the lure of the cash prize mean that many more people are entering lottery and money competitions.

One cash prize winner, Jane from Somerset, commented, “I didn’t think I’d win the competition but I entered it anyway. My lack of any spare cash meant I was worried about holidays and the Christmas period, when I needed to buy toys and treats for my children. I was really worried about how I would find the money. I had never entered a cash prize draw before but thought I’d give it a go. I had sometimes entered the lottery but never won anything. When I got the call to say I had won £5000 I thought it was a hoax call and I couldn’t believe my luck! I have saved half of the money and splashed the rest on Christmas presents for my children and husband. What is good about these competitions is that they’re free to enter so you really have nothing to lose, and you never know, it might be you who wins the big cash prize!”

Resources:
http://www.ukprize.co.uk/Categories/cash-competitions.html
http://www.ukprize.co.uk