*’spending less on culture and leisure’ added in 2024
This chart shows what residents are doing to help manage finances by wave 5 and wave 6:
61% in wave 6 and 68% in wave 5 are spending less on non-essentials
57% in wave 6 are spending less on culture and leisure
45% in wave 6 and 42% in wave 5 are Shopping around more
42% in wave 6 and 52% in wave 5 are Spending less on food shopping and essentials
42% in wave 6 and 45% in wave 5 are Using their savings
37% in wave 6 and 44% in wave 5 are Using less fuel at home
26% in wave 6 and 29% in wave 5 are Cutting back on non-essential car journeys
21% in wave 6 and 24% in wave 5 are Using alternative modes of transport
20% in wave 6 and 21% in wave 5 are Eating less/missing meals to save money
19% in wave 6 and 23% in wave 5 are Using credit more than usual
14% in wave 6 and 16% in wave 5 are Working more hours than usual
13% in wave 6 and 17% in wave 5 are Borrowing money from friends or family
11% in wave 6 and 10% in wave 5 are Using cash to control spending
4% in wave 6 and 7% in wave 5 are Unable to pay an important bill
3% in wave 6 and 6% in wave 5 are Claiming benefits
3% in wave 6 and 2% in wave 5 are Claiming free school meals
2% in wave 6 and 5% in wave 5 are Using foodbanks/using them more
1% in wave 6 and 1% in wave 5 are doing other things
6% in wave 6 and 7% in wave 5 are doing None of these
Age
Those aged 35 and older are more likely to be shopping around more (51%-56%) and those aged 45 and older are using less household fuel (46%-52%).
The younger demographics are likely to be eating less/ missing meals to save money, spending less on non-essentials, food and other essentials, using their savings, borrowing money from friends or family, and cutting back on non-essential journeys in their vehicle.
Disability
Residents with a disability are more likely to be spending less on food shopping, other essentials (55%) and non-essentials (68%), culture and leisure (70%).
They are also more likely to be claiming benefits (10%), borrowing money from friends or family (21%), using foodbanks (7%) and been unable to pay an important bill (9%), and almost twice as likely to be eating less or missing meals (31%).
Household income
Residents with the lowest household income are more likely to be using less household fuel (43%), eating less/ missing meals to save money (31%), using alternative modes of transport (24%), borrowing money from friends or family (29%), using cash to help control their spending (30%), claiming benefits (15%) and claiming free school meals (21%).
They are also least likely to be using credit more than usual (8%) or working more hours than usual (7%) than those with higher household incomes.
Housing status
Renters are more likely to be spending less on food shopping, essentials (52%-63%), and non-essentials (66%-74%), eating less or skipping meals (31%-51%), borrowing money from friends/ family (22%-31%), and using credit more than usual (29%-30%).
Local authority renters are additionally more likely to be using cash to help them budget (18%), foodbanks (8%), alternative forms of transport (31%), less household fuel (52%) and been unable to pay an important bill (23%).They are also much more likely to be claiming benefits (23%) and free school meals (11%).
