Where Are We Spending Money

Posted by David Johntson on April 30th, 2018

Many households in the UK (and internationally) are finding that their money doesn't go as far as it once did. With rising import costs and inflation, a continued squeeze on public spending and bills for everything from groceries to healthcare going up, many families are struggling to make ends meet on a regular basis. 

According to research from the Office for National Statistics, the average UK household is now spending £455.30 per week on things like transport, housing, utilities, food and drink, clothing, communication, healthcare and education. That's almost £2,000 per month on what many of us would consider necessities. 

Of course, there are regional differences - this infographic from Loanable beautifully charts the difference in household expenditure (both in general and specifically on net rent). As you might expect, London and the south sees the highest in both categories, with Scotland and the north of England seeing lower monthly outgoings. 

The same infographic also highlights some of the ways we're wasting money. In the last month, the following percentages of households admit to spending on: 

• Regular takeway meals (25%)
• Paying for snacks or meals at work (21%)
• Paying for satellite or TV subscriptions they don't use (19%)
• Over-paying on utility bills (18%)
• Spending money on expensive takeaway coffee (18%)
• Buying too many ready meals (16%)
• Spending too much time in the pub (14%)
• Spending too much money on cigarettes and/or alcohol (14%)

Reading the list, I'm sure many of you reading will fit into at least one of these categories, if not more. Which begs the question - why aren't we making more of an effort to save money, particularly in this increasingly tough financial climate?