How much is your average weekly household spending?

Earlier in the year the Family Spending Survey was released by the Office for National Statistics (ONS). The survey revealed details of British spending habits, comparing different areas of the country.

In the financial year ending March 2018, the average household spend per week was £572.60. This was the highest weekly expenditure since 2005, following adjustments for inflation. It’s thought that increases in transport and housing costs contributed to the rise in expenditure.

On average, households are spending £18.40 more than they did a year ago, despite dining out less and buying fewer clothes than they did 12 months ago.

It might not come as a surprise that transport accounted for the highest average weekly spend. Brits spent £80.80 a week on transport, 14% of their total expenditure. This was followed by spending on fuel, power and housing, which came to £76.80 per week.

It’s good news for our health that people drink far less than they used to, which is reflected in the amount spent on alcoholic drinks - £8 per week compared to £10.90 a week 10 years ago. But it’s bad news for pubs as a quarter of them have closed since 2001.

Young people tend to spend far more on takeaways than the elderly. Households headed by someone under 30 spend on average £7.80 a week on takeaways. By contrast, over 75s spend just £1.80 on takeaways a week.

Overall spending varies regionally. The average weekly household spending was highest in London, at £658.30, while in the North East of England it was more than £200 less at £457.50. In Wales, the average weekly spend was £470.40 and the Scots spent an average £492.20.

The ONS survey paints a diverse picture of the UK’s spending habits that are just as varied as its people.

Our wealth management experts provide holistic financial planning to meet your personal aims and objectives and help you towards your desired lifestyle in retirement. For more information, or to arrange an appointment, call 01246 560570 or email info@bannerjoneswm.co.uk