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One in eight households would run out of money within a week if income stopped
Novuna said 49% of households could not cover essentials for more than two months, as 33% already use credit for basic costs.
- The first wave of the Novuna Consumer Confidence Tracker found 13% of households could only cover essential costs for less than a week if income stopped, with 49% unable to manage beyond two months.
- Global food and energy pressures are swallowing household income before families save, with food and grocery costs the biggest worry for 18% of households, keeping them awake at night.
- Households in Northern Ireland appear most financially exposed, with 68% unable to cover essentials for more than two months; Greater London, the South West, the East Midlands, and the East of England remain below the average for fragility.
- One in three consumers, 33%, regularly rely on credit to pay for essential living costs; Theresa Lindsay, chief marketing officer at Novuna, called this a warning sign of financial strain.
- More than a quarter of consumers, 27%, expect their financial situation to worsen over the next three months; yet holidays and travel top discretionary spending plans at 28%.
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