The latest figures from Asda’s Income Tracker
revealing that the disposable incomes of households in every region of the UK declined during the fourth quarter of 2022 compared to the same time period the previous year demonstrates that there is no region of the country that is immune from the cost of living crisis.
The amount that households had to spend on themselves, after paying taxes and essential expenditures, decreased by 11.4% during the fourth quarter to an average of £209 per week, compared to £236 per week in Q4 2021. This figure represents a decrease from the previous quarter’s figure of £236 per week.
As compared to the previous year, household expenses, notably those pertaining to gas, electricity, gasoline, and food, have seen significant increases, which has led to a decrease in the amount of money that is considered to be “disposable.”
The disposable income of households in the South East experienced the greatest decline, dropping from a weekly average of £230 in Q4 2021 to £186 in Q4 2022. This represented a decrease of £44 per week, or 24% year-on-year.
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 a large fall in recent years.
Discretionary incomes in Northern Ireland witnessed the highest decline in percentage terms, falling by 27.6% year-on-year to an average of £93 per week in Quarter 4; this figure indicates a seven-year low. Additionally, this decline brought the statistic to its lowest point in seven years.
The disposable incomes of Welsh households had a 15.9% year-over-year decline in the fourth quarter of 2018, falling to an average of £170 per week, which is the lowest amount since 2017.
As evidenced by a recent Which? Report indicating that Asda was the cheapest supermarket for the big family shop in 2022, Asda continues to serve customers during the cost of living crisis by keeping costs in check and helping budgets stretch further.
The grocery store has also just introduced a new programme through which consumers can prepare seven dinners for a family of four for less than twenty pounds by making use of items from the store’s Just Essentials discount line, which has won multiple awards.
Customers may enjoy hearty dishes such as Tuna and Tomato Pasta, Bacon and Pea Frittata, Chicken Stew and Rice, Chicken Pasta, Fish Pie, Fish Biryani, and Sausage and Mash for as little as $2.10 for a dinner that serves four people.
The seven recipes are available to buy online here:
*The Asda Income Tracker is a measurement of ‘disposable income,’ which reflects the amount that is left over after essential items such as groceries, electricity, gas, transportation costs, and mortgage interest payments or rent have been purchased by the average UK household from their income after taxes have been deducted from that income. The Income Tracker calculates the amount of money that is available for spending on non-essential items and services, such as those associated with leisure and recreation.