Halifax Money Matters Survey: May 2013
In the week that a study by ONS reported that Britain has fallen down an international economic wellbeing league, our survey for the Halifax has provided further evidence of the extent to which British households are feeling the pinch.
In the week that a study by ONS reported that Britain has fallen down an international economic wellbeing league, an Ipsos survey for the Halifax has provided further evidence of the extent to which British households are feeling the pinch.
The survey findings include:
- 46% of Britons report that their households have run out of money by the end of the month at least once in the past 12 months.
- This includes 9% who say they have run out every month.
- 39% have dipped into savings to pay for something considered non-essential at least once in the past 12 months.
- More rate their households as worse off financially rather than better off compared to a year ago by a margin of 3:1 (49% to 13%).
- 13% say that their financial tipping point – the lowest amount their spend on living costs and bills would have to increase per month for them to find it difficult to afford – is £24 or less. 46% of Britons say it is £99 or less.
- Despite this, three-quarters, 75%, of the British public feel that their household is coping very or fairly well financially.
- 26% report higher spending on fuel and energy bills in the past 12 months.
- But more than half, 53%, are concerned about having enough money to cover future living costs and bills in the next year
- A third are worried about paying their rent/mortgage in the next 12 months.
- Six in ten, 62%, express concerns about their ability to save for the future.
- Those in their 30s and 40s are as likely as those in ther 20s to report running out of money every month (10% and 11% respectively).
- The 40s and 50s are the age groups most likely to rate their households as worse off financially compared to a year ago
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Techncial note
Ipsos interviewed a representative sample of 2,016 members of the public aged 16-75. Interviews were carried out online between 15-18 March 2013. Data are weighted to be representative of the population. Respondents were asked to answer the survey thinking about their household i.e. all adults aged over 16 living together permanently in their main accommodation with those renting privately and sharing accommodation with other people/sharing bills asked to consider themselves and no-one else.
