Same things cost Brits £250 more a month than last year
In a MoneyBox study of 2,000 adults, typical Brits have £250 less disposable income per month on average compared with last year because of the cost of living crisis.
Monthly gas and electricity bills have gone up by around £100 on average, travel expenses by £105 and housing costs £60.
In spite of all this, six out of 10 UK residents are still managing to save some of their monthly pay check.
Head of personal finance at Moneybox Brian Byrnes said: “It’s clear from this research that where possible, people are doing all they can to protect their savings and achieve their financial goals despite personal finances being stretched so much in such a short space of time, but of course, not everyone has the flexibility in their budget to plan for the future right now.
“If that’s the case for you, remember the most important thing you can do for your financial well-being in 2023 is to build positive financial habits that will set you up for success in the long term.”
Byrnes added: “At one time or another, most of us will admit to not spending enough time managing our finances to help us achieve our future goals.
“Committing to taking some simple steps now to build positive financial habits such as budgeting, regularly reviewing your spending, and setting achievable financial goals, will all help you take control of your future finances and manage the impact of rising costs of living with greater confidence.
“It will also set you on the right path to achieve your goals as quickly as possible in the future.”
