Photo by Glenn Carstens-Peters on Unsplash
Brits are spending less on dating, home improvements and subscription services according to recent data revealed by Britain’s biggest building society of its members’ outgoings and expenditures.
Nationwide Building Society found that the volume of dating transactions fell by a third (33%) in February 2023 compared with the same month in 2022, also falling by 7% by value, in households across the county.
In addition, spending on subscriptions, such as Amazon Prime and Netflix, fell by 6% annually by volume and by 3% by value.
Household improvements and spending on DIY projects also fell by 4% by value compared with February 2022, but the number of transactions increased, by 3% annually.
However, the value of spending on utility bills increased by around a third (34%) compared with February 2022 in the wake of the cost of living crisis.
Spending on mortgage payments increased by 17%, rent payments were up by 11%, spending on loans increased by 8% and spending on insurance jumped by 7% annually by value.
The survey of more than 2,000 people by Censuswide, took into consideration millions of debit card, credit card and direct debit transactions and found that nearly two-thirds (63%) are worried about their personal finances and their ability to cover essential costs. This was slightly down from the 70% of people who said this in January, the report commissioned by Nationwide found.
Almost a quarter (23%) of people in the latest survey said they had already reduced or cancelled TV subscriptions, with a further 14% considering cancelling.
Thirty-eight per cent said they had used credit cards in the previous six months to cover essential items to bridge the gap to their next payday.
Mark Nalder, payments strategy and performance director at Nationwide, said: “Our research shows that while the number of people worried about their finances has fallen slightly, people are relying on credit as a way of bridging the gap for essential bills.
“We’d urge anyone (who is) struggling to talk to their bank or building society as early as possible for support. We have a dedicated cost-of-living hotline to do just that.”
