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Creditfix LB 03-2017

Households Need to Set Financial Budgets

With many households now relying on credit to get by, it has been found that around a quarter of UK households do not set a budget for spending.

The latest research released by Equifax shows that on average 24 per cent of households across Britain set no spending budget.

The figure varied from region to region. Households in the South East were least likely to set a budget, with 33 per cent having no budget in place.

Yorkshire, often deemed an area of people down to earth and smart with money, surprisingly came in next. 29 per cent of Yorkshire households failed to set a budget.

At the other end of the list, Wales and the South West were more careful with their finances, with just 16 and 17 per cent respectively of households working without a budget.

Consumer credit information expert at Equifax, Lisa Hardstaff, commented: ‘It appears from our latest research that millions of families are not necessarily keeping track when it comes to managing their finances, with a quarter admitting to not having a household budget.’

She continued: ‘Whilst for some families this may work for them, for those who are just about managing it is helpful to have a household budget.’

Ms Hardstaff went on to explain. ‘Families that don?t manage their household spend and keep a track of things like utilities, food and petrol costs could run the risk of overspending as they may not remember all of their financial commitments, especially if there?s an unexpected bill.

‘With almost a third of respondents saying they are most concerned about a rise in utility bills impacting their disposable income, knowing all the planned outgoings makes the unexpected easier to deal with.

Households not setting a budget

33 per cent – South East

29 per cent – Yorkshire

28 per cent – North East

27 per cent – London

23 per cent – Scotland

22 per cent – North West

22 per cent – Midlands

21 per cent – East

17 per cent – South West

16 per cent – Wales

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