Business

Wealth 'hit by financial crisis'

Cash
Image caption The number of poor households with children or pensioners has dropped in recent years

Official statistics have revealed the extent to which household wealth was hit by the financial crisis.

Wealth, which includes home ownership and savings, fell to £109,000 per person in 2008 - the lowest for five years.

But it recovered to £117,000 the following year, the Office for National Statistics (ONS) said.

Debts remained high compared with income, but householders have looked to pay down debt rather than save.

Household finances showed some resilience, despite the economy as a whole suffering in 2008-9.

Over the last 10 years, the proportion of poor households containing children or pensioners decreased, the figures showed.

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