April 27, 2023
According to the most recent data from Asda’s Income Tracker, the disposable incomes of households in every region of the United Kingdom experienced a decline during the first quarter of 2023,
when compared to the same time period the previous year. This indicates that no part of the country is exempt from the cost of living problem.
The amount that households had to spend on themselves, after paying taxes and essential expenditures, decreased by 9.2% during Q1 to an average of £213 per week, compared to £236 per week in Q1 2022. This figure represents a decrease from the previous year’s Q1 average of £236 per week.
Prices are increasing at a higher rate than net incomes, which is causing discretionary incomes to continue to decrease, despite the fact that gross income growth is now solid.
The disposable incomes of households in the South East fell the most in absolute terms, falling by £41 per week (18% year-on-year)
— falling from a weekly average of £227 during Q1 2022 to £186 in the first quarter of this year. This is a drop from the previous year’s first quarter.
As a result of the continued disproportionate impact of increasing living costs on the devolved nations, the disposable income of families in Wales and Northern Ireland has likewise witnessed large losses in recent years.
Comparing the first quarter of 2023 to the same time period the previous year, the first quarter of 2023 saw a dip of 21.2% in Northern Ireland.
This was the greatest year-on-year decline in percentage terms recorded by any region.
This indicates that on average, households in Northern Ireland were £27 worse off over the course of the quarter as compared to the same period in 2022, when measured in real terms.
During the first quarter of this year, disposable household incomes in Wales were 11.6% lower than they were in the same period a year earlier.
money to spend
This translated to a shortfall of £23 per week. Only the South East region saw wage growth that was weaker during the quarter than it was in Wales,
which means that households in Wales continue to be negatively impacted by the poor increase of wages.
Asda is continuing its efforts to assist families in the midst of the current problem over the cost of living by maintaining stable prices and introducing new propositions that aim to provide consumers with increased value each time they go shopping.
According to Which?, which has conducted price comparisons for groceries on a monthly basis for the past three years, the traditional supermarket chain Asda continues to offer the greatest value for customers.
In addition, the supermarket has fixed the price of over 500 family-favorite branded and own-label brands in order to provide families more control and predictability over their spending on groceries and other household goods.
By enrolling in the new Asda Rewards loyalty programme, consumers of Asda’s will have the opportunity to accumulate store credit that can be used for future purchases at the retailer.
More than 4 million consumers participate in the scheme on a monthly basis, and they have already accumulated £70 million in their ‘cashpots’, which they can use to cut the cost of their grocery shopping in-store or online. money to spend
It seems like you might be asking for advice on how to spend money. To give you a helpful response, I’ll need more context.
Are you looking for general advice on managing your finances, or do you have a specific budget and goal in mind? Please provide more details, and I’ll be happy to help.money to spend
November 10, 2022
