Findings from the latest Money Statistics from The Money Charity have revealed that UK household costs have risen dramatically in May. The average UK household daily spend on gas, water and electricity has increased to £4.21 in May, growing by £0.51 on the previous month.
Furthermore, the average price of diesel and unleaded petrol has grown by 3.3 pence per litre and 3.4p respectively. The cost of filling a tank with 50 litres of unleaded now comes to £64.40 on average, and £65.85 for diesel, £6.25 more than last year for the former, and £7.15 for the latter.
This growth in day-to-day household costs is reflected in the growing debt amongst adults in the UK. Debt per adult as a percentage of average earnings is up to 113.8% in May – £30,670. Since May 2017, this has grown by £920.71.
However, there are some positive signs from the July Money Stats which may help with rising costs. Regular and total pay in the three months to May is up by 0.3% and 0.1% in real terms. Unemployment is also falling by an average of 230 people a day since last year. These trends may need to continue to match these growing day to day costs.
Michelle Highman, Chief Executive of The Money Charity says:
“We at The Money Charity are alarmed at the growing rate of the cost of water, gas and electricity bills along with increasing costs of fuel. Whilst it is reassuring to see that wages are rising in real terms and unemployment is continuing to fall, more and more people will be needing to budget and manage their money if these costs continue to rise, meaning financial capability and education will be increasingly important to many in the UK.”
Other key points from the July Money Statistics:
- £46m fall in Public Sector Net Debt per day in 2018.
- Cash machines were used an average of 96 times per second.
- The average rent in London for a 2 bed is 125% more than the rest of England.
Get the full picture and many more fascinating facts about money in the UK in our monthly Money Statistics.