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Household finances ‘strained in November’

After a difficult year for household finances, budgets have remained squeezed in the run up to Christmas, new figures have shown.

The Lloyds TSB Spending Power Report found that a mixture of rising inflation on non-essential items and a lack of income growth made for a miserable November for many Brits.

Many people get caught up in debt as they try to pay for the festive season, with numerous individuals left with spiralling bank charges as they enter the new year.

The research revealed that, after inflation, spending growth plummeted to -0.1 per cent in November. This is the equivalent of around £11 less to spend on non-essential items every year.

Meanwhile, income growth continued to exhibit weak rates at 2.6 per cent on a year ago, and -0.3 per cent in real terms.

In a bid to stay afloat, it appears that many Brits are cutting back on expensive utility bills, with growth in spending on gas and electricity falling back for the seventh month in a row.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801509308-ADNFCR

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