In response to the FCA’s Financial Lives Survey released today revealing the financial vulnerability of the nation, Tashema Jackson, money expert at Uswitch.com, says: “In the last ten years the cost of running a household has climbed 20% against a meagre 2% increase in income, putting increased pressure on consumers of all age groups. With one in ten of us barely breaking even at the end of the month, it’s easy to see how households are plagued with worry as they are being plunged into debt simply trying to make ends meet.
“A decade on from the financial crisis, a third of consumers have less disposable income than they did ten years ago. This reduction in disposable income is life-changing for many families and shows how crucial it is that financial planning is a priority for everyone.
“If you are struggling to find help, it may be worth speaking to a debt charity such as StepChange and remember you can seize control of your own finances by checking if you’re getting the best value for money from your financial products.”
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
Notes to editors
Notes to editors Research referred to was conducted by Opinium from 29th August to 31st August 2017 among 2,005 UK adults
According to data from the Office for National Statistics, the national archive, Gov.UK, Hometrack, BBC, TV licensing, Ofwat and Water UK there has been an increase of 20% in total household bills between 2007-2017. Household disposable income increase of 2% calculated by comparing 2007 and 2017 figures, as seen in the table in the body of the release. All sources are listed below in the ‘table caveats’ section.
When asked, ‘On average, how much money do you have left at the end of the month once you have paid all your essential bills and expenditure including rent/mortgage and food?’ the mean figure for all respondents was £170.85. 12% of respondents selected ‘£0 a month’
When asked, ‘Compared to ten years ago (2007), do you feel that you have more or less disposable income at the end of the month?’ 37% of respondents selected ‘Less’
Table Caveats
According to data from The National Archives fig. 4 and Office for National Statistics fig. 3
According to data from the Office for National Statistics Nowcasting household income in the UK
Disposable income after bills calculated ‘Gross Household Income’ minus ‘Disposable Household Income’
According to Hometrack House Price Index
According to ‘Live tables on Council Tax’ Band D average from gov.uk
2007 figures according to the Office for National Statistics Family Spending Survey 2007 – table 3.2E. 2017 figures according to Office for National Statistics Living Costs and Food Survey technical report March 2017 – table 7.1
2007 figures according to the Office for National Statistics Family Spending Survey 2007 – table 3.2E. 2017 figures according to Office for National Statistics Living Costs and Food Survey technical report March 2017 – table 7.1
According to ‘Vehicle mileage and occupancy’ statistical data from gov.uk and Petrolprices.com taking the average mileage from the government data and multiplying it by the average price of unleaded petrol from the petrolprices.com data
According to BBC Annual Report and Accounts 2006/2007 and tvlicencing.co.uk
2007 figures according to the Office for National Statistics Family Spending Survey 2007 – table 3.2. 2017 figures according to Office for National Statistics Living Costs and Food Survey technical report March 2017 – table 7.1
According to ‘Annual domestic energy bills’ statistics for households paying by direct debit from gov.uk report QEP 2.3.1 and table 2.3.1 (st).
According to Hometrack Rental Index
2007 figures according to the Office for National Statistics Family Spending Survey 2007 – table 3.2E. 2017 figures according to Office for National Statistics Living Costs and Food Survey technical report March 2017 – table 7.1
2007 figures according to the Office for National Statistics Family Spending Survey 2007 – table 3.2E. 2017 figures according to Office for National Statistics Living Costs and Food Survey technical report March 2017 – table 7.1
2007 figure according to Ofwat data. 2017 figure according to Water UK data
2007 figures according to the Office for National Statistics Family Spending Survey 2007 – table 3.2E. 2017 figures according to Office for National Statistics Living Costs and Food Survey technical report March 2017 – table 7.1
According to ‘Annual domestic energy bills’ statistics for consumers paying by direct debit from gov.uk report QEP 2.2.1 and table 2.2.1 (st).
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