Financial position ‘continues to worsen for Northern Ireland’s lowest earning households’ | News in Newry
Northern Ireland’s lowest-earning households have seen their discretionary income fall by almost half (47.2%) over the last year (from £35.25 to £18.63), meaning they now have less than £19 per week to spend after their bills and living expenses.
These figures come from the Consumer Council’s latest Northern Ireland Household Expenditure Tracker, which is published on a quarterly basis and tracks the changes to income and expenditure for the lowest-earning households here.
The Consumer Council’s Household Expenditure Tracker reveals that in Q4 2022 (October, November and December), Northern Ireland’s lowest-earning households:
saw their weekly income after tax rise by only £3 (1.3%);
experienced weekly spending on basic goods increase by £5.18 (2.4%);
spent 54% of their total basic spending on rent, energy, food and transport; and
saw their discretionary income fall for the 7th consecutive quarter since January 2021, leaving these households with less than £19 per week to live on (£18.63).
Anne-Marie Murphy, Director of Strategy & Emerging Markets at the Consumer Council, says, “Between October to December 2022, the lowest earning households in Northern Ireland continued to be disproportionately impacted by changes in inflation, interest rates and the cost of living.
“With each publication of our NI Household Expenditure Tracker, we continue to see a decline in discretionary income for Northern Ireland’s lowest-earning households.
“What they have left to spend has dropped by another 10% this quarter at a time when essentials like food were increasing.
“These hardest-hit households were the only income group to see a drop in their spending power.
“For those who are struggling to pay their bills, the Consumer Council offers a variety of help, support and advice to help consumers understand ways to save money, shop around, and what options are available.”
Consumers can visit www.consumercouncil.org.uk to view a range of interactive tools, including an Energy Price Comparison Tool, a Petrol and Diesel price comparison tool and a Home Heating Oil Tracker, and resources, including its Cost-of-Living Hub.
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Posted by NewryTimes News
on Apr 18 2023. Filed under Community, Politics.
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