Britons spend £19,000 every year on bills
British families spend almost three-quarters of an average wage on bills and accommodation, according to a new study.
The average family in the UK spends £19,142.37 on the basics for a fully functioning home, including mortgages or rent, insurance, gas, and electricity, according to a study by Powershop UK.
Utility bills on average comprised £520 per month in the UK, or over £6,200 per year.
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Average weekly pay of £507 equates to an average annual wage of over £26,000, leaving little to live on before food costs and other essentials.
Over the course of a current average lifetime at today’s prices this would add up to £1.16m in bills during the life of an adult, although with inflation and an ageing population as life expectancy increases, the nominal figure would be much higher.
The growth in the British people’s disposable income has accelerated over the past two years after a period of prolonged stagnation after the global financial crisis.
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However, disposable income may come under sustained pressure in the coming months as rising inflation outstrips wage growth.
The Bank of England expects UK households to dip further into their savings to make up the shortfall.