31 Aug 2018 | Posted In Money advice news

Nationwide research shows Brits are tightening their belts as research reveals the rising cost of living is beginning to bite, forcing many to slash spending.

  • Two thirds of Brits are slashing spending as rising cost of living begins to squeeze finances
  • Most finding it harder to survive financially today versus five years ago, new poll reveals
  • But Wi-Fi, gym membership and healthy eating among things least likely to be given up
  • Regional stats show Londoners have over double the spare cash of Welsh – £585 vs £268
  • Findings back Nationwide’s quarterly Spending Report – an analysis of c700m transactions

Two thirds (66%) of people have reduced their outgoings to cover essential bills, according to the poll from Nationwide Building Society, while four in ten (41%) people have less than £6.60 per day (under £200 a month) to spend on themselves after paying the bills – just enough for a supermarket meal deal, coffee and chocolate bar. This represents around half of the average daily discretionary spend across the UK of £13.22 (£402 per month), according to the research.

The poll of 2,000 respondents forms part of Nationwide’s Spending Report – a quarterly snapshot of more than 700 million customer transactions. For the second quarter of 2018 (April – June) it highlights for the first time that discretionary spending has dipped broadly in line with rising essential costs, from household bills to fuel. It has previously remained relatively unchanged as consumers maintained spending levels, despite the rising cost of living.

Read the full report here.