A leading UK money saving website, VoucherCodesPro.co.uk, has performed a piece of research into the spending habits on the average UK household. Most people are continuing to feel that the cost of living is rising and that they are struggling to make ends meet. With over 900,000 people using the foodbank last year, it seems that it has indeed become unaffordable for the average household to live in the UK.
An online money saving website, VoucherCodesPro.co.uk, has performed a piece of research into the spending habits of the average UK family. As discussions on the cost of living are constantly being held, and for good reason, the company felt it was time to look into whether or not the nation is indeed spending more money. The most important thing this research revealed was that the average UK household does indeed spend more than the previous year. However, is this out of choice, or out of necessity?
The research showed that the average family across the UK spent £517.30 each week. This is a rise of £16 compared to the previous year, taking into consideration inflation. While this is worrying, the reality is that the general public is spending £22.50 per week less than in 2006. The difference is, however, that people were overall wealthier in 2006, with good job security and prospects. This all changed when the economic crisis hit.
The biggest cost was seen in fuel, housing and power. The research showed that half of an average family’s disposable incomes goes on food, transport, housing, fuel and recreation. There has also been a rise in the amount spent in each of these categories. It was demonstrated that:
- Housing, outside of mortgage or rent payments, power and fuel costs the most at £74.40 per week.
- Transport costs £70.40 per week, 60% of which is on fuel.
- Recreational purchases, including subscriptions, tickets and pets, cost £3.90 per week.
- £58.80 per week is spent on food, 25% of which is on meat and fish.
There is a belief that London is very expensive and that people spend the most there. The reality, however, is that South Easterners are the biggest spenders, with an average of £585.40 per week, almost £6 more than in London. Lowest spend is in the North East at £424.60, followed by Yorkshire (£431.10) and Wales (£438.80). Interestingly, if London and the north of England are not taken into consideration, most people spend more on travel costs than on heating their properties.
The average weekly spend on “Recreation and Culture” is £63.10. This includes computers, TVs, pets, books and leisure. Wales, Scotland, the North, Northern Ireland, London and the West Midlands spend less than the average. In Wales and the East Midlands, people spend less than the average on drinking and eating out.
The food shop, at £63 per week, is the most expensive in Northern Ireland and the South East. Indeed, this is £6 above the average. The North East and Yorkshire spend £14 per week less than that. The national average for footwear and clothing is £22.60 per week, but it is the lowest in the Midlands.
“These statistics clearly show where money is being spend, and where difficulties are being felt”, says a spokesperson for Voucher Codes Pro. “We are seeing low spending in the North East, for instance, where we also see the highest requests for foodbank vouchers. Additionally, when considering that Jobseekers Allowance is just £69 per week, it quickly becomes clear that the cost of living in this country has indeed become unaffordable for many.”