Average weekly household spending—how does yours compare?

In January, the Office for National Statistics (ONS) published its latest Family Spending Survey, making public the details of British spending habits. In its 61st year, the report offers an insight into how UK families spend their money, as well as revealing how family spending habits differ between areas of the country.

The average British household spent £572.60 per week in the financial year ending 2018; the highest weekly spend since the financial year ending 2005, after adjusting for inflation. Rises in transport and housing costs were mainly to blame for this expenditure increase.

Households are spending £18.40 more than they did 12 months ago, despite splashing out less on dining out and buying fewer clothes than they did a year ago.

Transport was the grouping with the highest average weekly spend. Brits spent £80.80 a week on transport, 14% of their total expenditure. This was followed by spending on fuel, power and housing, which came to £76.80 per week.

Other expenditures have fallen. As a nation, we are drinking a smaller amount than we did in the past. Ten years ago, the average amount we spent on alcoholic drinks “away from home” was £10.90 a week. Adjusted for inflation, this has fallen to £8 a week. Excellent news for our liver, bad news for pubs!

Younger people tend to pay out far more on takeaways than the elderly. Households headed by someone under 30 spend on average £7.80 a week on takeaways. By contrast, over 75s spend just £1.80 on takeaways a week.

Overall spending varies regionally. The average weekly household spending was highest in London, at £658.30, while in the North East of England it was more than £200 less at £457.50. How does your average weekly household spending compare?

If you have any questions around this topic, please feel free to get in touch with us directly on 01789 263888 or email hello@charterswealth.co.uk.