It may be that some of characteristics that tend to go with living alone, like being divorced, or renting your home, may have more of an impact – as we have observed before. Of those who live on their own, people in their late 50s and early 60s are the most likely to be divorced (42% of 55- to 64-year-olds). Typically salaries decrease significantly as soon as you move away from the capital and the South East of the UK. We use this information to make the website work as well as possible and improve our services. household size of 2.4 people. The cost of Gas & Electric is by far our largest utility expense. Read our Business Insurance guides and learn where to compare quotes for UK small and medium businesses, as well as the self employed. As the number of one-person households continues to rise, analysis reveals the financial situation and personal well-being of those living alone. One major factor that adds expense for expats in the UK, is the cost of converting cash to sterling from your home currency. But they spend less than two-adult households on clothes, transport and leisure activities (recreation, restaurants and hotels). We would like to use cookies to collect information about how you use We spend an average of £4,748 per year to get around, a 0.3% drop from 2018—this is more than the average household spends on rent/mortgage interest payments a year. Rents, in particular, push up overall spending - but day to day expenses tend to be higher too. “Overall, how satisfied are you with your life nowadays?”, “Overall, to what extent do you feel the things you do in your life are worthwhile?”, “Overall, how happy did you feel yesterday?”, “Overall, how anxious did you feel yesterday?”. What you need to know. Understanding well-being inequalities: Who has the poorest personal well-being? Eating and drinking out consumes a further £2,115 from our household budgets. Proportion of household disposable income spent on housing costs, by household type, household reference persons aged 25 to 64 years, UK, financial year ending 2018. Hospital, midwife, delivery and IVF costs, Having a baby in Dubai? Your 2017-2018 expat guide. Compared to 2018, expenditures on household bills increased 2.3% in 2019. ), Utilities (e.g., water, gas, electric, etc. As the UK’s capital, and a global financial hub, London is one of the most expensive places to live on the planet. Brits spend the most on transportation, housing and food. Here's how the average household budget breaks down by category, on a weekly, monthly and annual basis: The average UK household spends £2,538 a month on household bills—according to the average (and unlikely!) For example, if you spend a high proportion of your food budget on takeaways you could limit these to a treat once a week, cooking at home the rest of the time to save money. Proportions of disposable income spent on selected goods and services, by household type, household reference persons aged 25 to 64 years, UK, financial year ending 2018. Using this method, here are average household budgets by household size: Note: To estimated non-housing expenses for a family with children we divided the average household costs by 2.4 and then multiplied by 3, which could reflect a family of 3 or 4 depending on child ages. The highest earning households, those with more than £70,250 of annual disposable incomes, spend £10,785 on food & drinks, with nearly half (44%) of the budget spent dining out. Once you see what is being spent where, you'll be better able to find areas of your budget that might have some flexibility. Even if your bank says it offers fee-free money exchange, you can be sure that they are taking their piece in the exchange rate they use. Travelling by car in the cities in the UK is often fairly slow, making public transportation a smart choice. Total costs for a regular roof over your head, whether rented or owned with a mortgage, typically eat up around 35% of an average UK household’s income, give or take. The public transportation network in the large cities is extensive, but tickets can be pricey. But you want to make sure you’re not calling the... Dubai is one of the most exciting and fastest-growing cities in the world, leading the globe in all kinds of innovation. ), Money transfers and credit (e.g., cash gifts), Licences, fines and transfers (e.g., stamp duty, road tax), Rent for Households Renting from Housing Association/Local Authority, Mortgage Payments for Households with a Mortgage, Utilities (water, gas & electric, internet, landline, TV subscriptions, etc. The official currency in the UK is the pound (GBP or £ on currency exchanges). Perhaps as a result of spending more of their income on housing costs, bills and food, those who live on their own are among the least financially secure household types. Meanwhile, the Money Advice Service puts the UK yearly average cost of living at a more conservative £14,945 (based on 2018 stats from the Office of National Statistics). People living on their own spend an average of 92% of their disposable income, compared with two-adult households who spend only 83% of theirs, according to Office for National Statistics (ONS) analysis of the expenditure of 25- to 64-year-olds. Annual estimates of population by legal marital status and cohabitation status by age and sex for England and Wales. NimbleFins is a research and data-driven personal finance site. The number of people living on their own went up by 16% to 7.7 million between 1997 and 2017, while the UK population increased by only 13%. In fact, 14% of our household budgets goes towards transportation, 11% to rent or mortgage interest (that's on average, across renters, mortgage holders and households owning their home) and 11% to feed ourselves.

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