Spending on essentials rose at nearly double the annual increase in non-essential spending in March, in signs of households making lifestyle adjustments in order to be able to afford ‘must-haves’, according to Nationwide Building Society's analysis of its members' financial habits.
A Censuswide survey of more than 2,000 people in April found around two-thirds (67%) are worried about the state of their personal finances and ability to cover essential costs. This is up on last month, when the figure was 63 per cent, according to Nationwide, which commissioned the survey, but still down from 70 per cent in February.
The total value of essential spending rose by 11 per cent year on year in March - close to double the growth of non-essential spending (6%), the society said. The report analysed millions of debit card, credit card and Direct Debit transactions made by Nationwide members.
