Squeezed: More than one in five households has no more than £100 left at the end of each month
The number of families with less than £100 spare at the end of each month has doubled since the cost of living started to rise dramatically, reports Britain’s biggest building society.
More than one in five households has no more than £100 left at the end of each month, up from one in ten in 2021, according to the latest figures from Nationwide.
Soaring mortgage or rent payments, food, energy and fuel costs have piled the pressure on to household budgets, with two thirds of families now saying they feel more worried about their finances than last year.
Energy bills have risen by 63 per cent since 2021, with a typical family now paying £205 a month — £79 more than when the cost of gas and electricity began increasing.
Meanwhile, mortgage payments have soared by almost a quarter, to £880 a month on average, in the past two years, adding £158 a month to household bills.
Half of those surveyed now put more than £750 a month towards their mortgage, up from around 37 per cent two years ago.
As a result, the amount of disposable income families have each month has fallen from an average of £328 in 2021 to just £237 at the end of 2023.
Mandy Beech, director of retail services at Nationwide, says: ‘Despite the rate of inflation coming down, many households continue to feel the pressure.
‘We would urge anyone with concerns to get in touch with their financial services provider.’
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