Millions of people not on benefits will spot extra £57 in their bank | Personal Finance | Finance

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Millions of individuals not on benefits are noticing an extra £57 in their bank accounts.

This is due to cuts to National Insurance – the tax paid by working people – allowing households to retain more of their earnings each month.

Energy bills are also beginning to decrease for many, although the speed at which people will experience the benefit depends on their payment methods.

The combination of reductions in National Insurance and energy bills has resulted in an average household saving of £57.

As these changes were implemented from April, many families will only start to see the difference now as they receive their end-of-month pay.

However, this saving has been counterbalanced for many due to increases elsewhere, including council tax, water and broadband, reports Birmingham Live.

Consequently, some households may feel more financially comfortable as May begins, while others may not notice much change at all, depending on their monthly expenses.

The Government is committed to trying to make households feel more financially secure ahead of the impending general election later this year.

In a final attempt to win over voters before the election, further announcements could be on the horizon.

Stephen Hankinson, an energy efficiency expert from Electric Radiators Direct, commented: “The past few years have proven tough financially for Brits, so it’s great to see a positive change in the cost of energy, reflecting nicely on the amount of our salary spent on bills.”


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