A third of Brits say they have delayed big-ticket purchases
A third of British households have delayed big purchases in the last year, as the impact of inflation makes itself felt in consumers’ pockets, according to new survey data published today.
Some 82 per cent of British people say their financial situation is not improving, according to a quarterly survey of 2,000 adults by Scottish Friendly and the Social Market Foundation.
British consumers have been squeezed in recent months as price rises have outstripped wage increases. Annual inflation rebounded to 2.9 per cent annually in August this year, while wages rose by 2.1 per cent in the year to July, according to Office for National Statistics data.
Read more: DEBATE: Should we be worried about rising inflation?
The average UK household has £1,078 left to spend each month after paying for essential housing, energy and water bills, the survey found, in line with last quarter’s results. London was unsurprisingly the region with the highest average disposable income, at £1,316 per month, while Northern Ireland was the lowest, at £870.
Average disposable income across the UK may have been sustained by continued strong levels of employment, despite the real wage squeeze.
However, anxieties around incomes remain prevalent, particularly among younger people.
Almost four in 10 British households say they are anxious about debt, but that figure rises to more than half for millennials (born between 1981 and 1998).
Meanwhile 70 per cent of 25- to 34-year-olds are concerned they will not be able to cover a large, unplanned expenditure.
Read more: Everyone hit the pub after the Brexit vote and put off big-ticket purchases