How Do Brits Spend Their Money?

How Do Brits Spend Their Money?

How do Brits spend their money, and what do they even buy? Especially during this period within 2020, we have all massively cut down on our weekly and monthly spending. But, besides this, we are still spending on the usual daily essentials. Typically, men and women spend their finances on different things as everybody has different priorities. This may lead to one spending more than the other, therefore,

To put the spending into perspective, we have included the average minimum wage in the UK and how it varies depending on your age. The wages per age are as followed:

25 and over: £8.72
21-24: £8.20
18-20: £6.45
Under 18: £4.55
Apprentice: £4.15

How much money do Brits spend a week?

According to the Office For National Statistics, the average weekly household spending in the UK was £585.60 at the financial year-end of 2019. Some people may spend a lot more or a lot less than this per week depending on aspects including; family size, income, and the need for specific essentials. Throughout this year, weekly spending will have been a lot lower than it has been in recent previous years due to the pandemic. With the UK being on lockdown since the end of March, Brits have been able to work from home, executing costs of transport and the price of grabbing food from a shop. Finder released statistics on the spending and saving in lockdown in April of 2020, less than one month after the lockdown began. They have suggested that:

• On average, Brits have been saving £54.67 each week by not doing any costly leisure activities or socialising.
• £44.78 is saved from not commuting or purchasing lunch.

So even though these statistics will have changed as the UK is slowly making our way back to normal, they still show changes that the lockdown created in the UK. With gyms recently reopening and Brits having the ability to now eat at restaurants, do their usual activities and go shopping, we will all definitely be spending more money than we were in previous months. But, with that being said, people are still very cautious and do not want to do anything which may put them at risk.

What are people most likely to spend their money on?

The Office For National Statistics has shown that the main components of household spending in the UK include transport, housing and recreation. These three categories calculated at around 44% of household expenditure. Their data shows that on average, UK households spend around £80.20 on transport. This is higher than both of the other two categories (housing – £79.40 and recreation – £76.90).

Not everybody has enough money to be spending £80.20 every week on transport, so, are there any other cheaper alternatives? The simple answer is yes, but, you do have to look within your area as public transport services range in different companies all over the UK. One idea that we suggest is that you try downloading the apps of specific bus and train companies as tickets tend to be a little cheaper on there.

What is money wasted on the most?

According to Finder, Brits either throw away or loose over £100 million each year. In addition to this, Brits are constantly unintentionally waiting their money. This may be thorough buying things they do not need, or even through buying subscriptions and not using them. This may be for some sort of TV subscription or even a gym membership.

To avoid wasting any money you should try to

How to get your money’s worth

The last thing you want is your hard-earned money going to waste. So, what can you do to get the most of your money? We suggest that you make a budgeting plan. This could be as simple or as complicated as you like. As long as you can divide up your income and put some of it aside to save and pay for bills and essentials, the rest is yours. Another thing we suggest that you could do to get your money’s worth is to ensure you think about your purchases before you make them. This way you are not making any decisions you may regret. Although, if you find yourself in any type of debt, there is nothing to be ashamed about. Did you know that more than 3/4 of the UK’s population is in debt?

#NoShameInDebt

Categorised in: General

This post was written by Charlotte K