Congratulations are in order for Colton Underwood — because he is a married man!!
26.04.2023 - 13:49 / dailyrecord.co.uk
Spending on essentials rose at nearly double the annual increase in non-essential spending in March, in signs of households making lifestyle adjustments in order to be able to afford ‘must-haves’, according to Nationwide Building Society's analysis of its members' financial habits.
A Censuswide survey of more than 2,000 people in April found around two-thirds (67%) are worried about the state of their personal finances and ability to cover essential costs. This is up on last month, when the figure was 63 per cent, according to Nationwide, which commissioned the survey, but still down from 70 per cent in February.
The total value of essential spending rose by 11 per cent year on year in March - close to double the growth of non-essential spending (6%), the society said. The report analysed millions of debit card, credit card and Direct Debit transactions made by Nationwide members.
Within the non-essential spending category, the total value of spending on subscriptions fell by three per cent annually, in signs of households looking to cut back. There were also some signs of cutbacks being made to longer-term essentials in order to pay for the ‘here and now’.
Also within the essential spending category, the total value of spending on both mortgage payments and supermarkets increased by 16 per cent annually. Spending on rent increased by 10 per cent year on year, while travel-related spending increased by 11 per cent.
Mark Nalder, payments strategy and performance director at Nationwide Building Society, said: "With inflation remaining high and the rising cost of living, it's perhaps unsurprising to see an increase in the number of people concerned about their finances and ability to cover the essential costs.
“As our data
Congratulations are in order for Colton Underwood — because he is a married man!!
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