The Office for National Statistics conducted research into the spending habits of the UK population and in the latest review, they found that the average weekly household expenditure was £572.60 in the financial year ending 2018. This was the highest weekly spend since the financial year ending 2005, after correcting for inflation.
The category with the highest average weekly expenditure was ‘Transport’ with an average weekly spend of £80.80. This is equivalent to 14% of household’s average total weekly expenditure and the occupants in those households that were aged between 50 and 74 years old, had spent almost a quarter of their housing expenditure costs on home improvements and alterations. On average, £76.10 was spent on housing, power, and fuel, and £74.60 was spent on recreation and culture. When ‘Transport’ is included, this accounts for 40% of the total average weekly household expenditure (14%, 13%, and 13% respectively.)
The areas with the highest average weekly household spending were found to be in London and the South East (over £650), whilst the areas with the lowest average weekly household spending was found to be in the North East (approximately £200 less). The research also found that households with people under the age of 30 years and those in Northern Ireland spent the most on takeaway meals eaten at home (£7.80 and £8.60 respectively). Households’ average weekly expenditure on alcoholic drinks away from home was less in the financial year ending 2018 (£8.00) when compared with 10 years ago (£10.90), after correcting for inflation.
London households had spent the most on alcoholic drinks away from home, spending an average of £9.30 a week.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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