If I am reading this right, about 43% of families had either no money or less than £100 spare cash at the end of each month

[cakeorwine]

Nationwide Reaffirms Cost-Of-Living Support As Poll Shows Cumulative Impact Of Rising Bills On Typical British Family (nationwidemediacentre.co.uk)

I can't find the data tables to get the definitions - but families with children living at home were questioned.

The research found that more than one in five (22%) families had no more than £100 spare a month by the end of last year – almost double the percentage in 2021 (13%).

The percentage of families with no money left at all by the end of each month also increased nearly twofold, from 11 per cent in 2022 to 21 per cent in 2023.

Continued high costs have led to more than two thirds (69%) of family households feeling more worried about their finances in 2024 compared to a year ago, the poll shows. The average amount of discretionary money available to families each month has dropped from £328 in 2021 to £295 in 2022 and £237 at the end of 2023.

Almost 16 per cent say they will have to work more hours to earn more money, 16 per cent say they will need to use their credit card and 15 per cent will need to borrow money from family and friends to cover their bills. Almost half (46%) are reducing other outgoings to help cover energy bills this winter.

It would be better with the data tables and definitions - but 43% of families with £100 or less, of which many have £0 is not a good picture. It also ties in with other measures from Asda and their disposable income tracker.

I end up about £400 over drawn every month, which then recorrects when I am paid but then I can't live with the £400 shortfall and so end up over drawn the same again. I keep trying to edge my over draft down to recorrect it but then I'll have a bad month where things run out all at once or someone needs new shoes or whatever.

It's been this way ever since I didn't realise that if you told universal credit that you move house two days before your assessment period ends they will consider your new houses rent as the amount for that assessment period. My house purchase has gone through so my need was now 0 but the house I was renting while the purchase went through was paid with overdraft and then reimbursed by UC so basically I was given nothing towards my final rent payment and I ended up in £800 debt. I have managed very slowly to get it down to £400 but I am constantly stuck in this cycle now.

But even if I paid off that debt there's no way I would have any money left at the end of the month to save as my money only just about covers everything if you include that £400. It's depressing really.

Yes - the one thing that's not in that article is the number of people with negative income. Who spend more than they earn.

I can't imagine ever having £100 left at the end of the month - I think that must be a very few, very wealthy people. I don't believe it is more than half the population

Does that “£0 left” percentage include people with less than £0 left ie getting further behind.

it makes me feel angry and sad Thinking about all that anxiety and stress and going without caused by who? Not the people that are struggling that’s for sure.

Always £0 here and no savings at all. I'd be thrilled if we had £100 left!

I think it's very likely, we have £126 until DH is paid tomorrow and we earn the MN 'good household income.'

Your outgoings definitely expand to fit the space.

I guess it depends on whether these are families who have spent every £ on bare essentials if rent and utilities, or a family where on pay day they paid X amount to a holiday balance, x amount directed to savings etc and still have nothing at the end of the month but have purchased 'extras' during the month.

I don't have loads left at the end of the month but I pay out ££ for my loan for my new kitchen that was put in a few years ago - that was my disposable income which I decided to spend on a nonessential, although the old kitchen was on its last legs I could have made do.

Either way the country is in a sorry state and it's no wonder money worries are a huge point of stress.

Sounds right to me. One phrase used is the 'financially precarious'. Working or got just enough income to get by but one thing such as washing machine breaking down would tip a family over the edge into debt hard to climb out of.

There's another thread going at the moment in which people are talking about saving amounts of £650 - £1k a month. It's another world to me - I'm spending more than I earn every month (on literally the basics) and its only going to get worse when the mortgage goes up.

I know loads and loads of families who usually have minus £100 left ..
And some even more.
I know many who use food banks weekly.
I know many who put on extra clothing and sit under duvets because they can't afford heating.
I know many who have beans on toast or a can of soup nearly every day.
I know many on here bragging about their income.
Sad sad world.

Having £100 left at the end of the month doesn't make you "very wealthy" , I'd say its a pretty normal amount for most people, in line with the stats on the article.

Yes, having £100 just before payday would certainly not make me think someone is wealthy.
I mean I am assuming we are talking that is absolutely all they have, so not just that's what's left in the current account or wallet, but there are also savings, that these families literally only have less than £100 to their name..

I do find it shocking that such a high % of families have so little money at the end of the month, because it means nearly half of all families have absolutely no savings and are literally living payday to payday.

I guess it depends on whether these are families who have spent every £ on bare essentials if rent and utilities, or a family where on pay day they paid X amount to a holiday balance, x amount directed to savings etc and still have nothing at the end of the month but have purchased 'extras' during the month.

Yes, in your second example they have savings, so presumably not what is being talked about here?

I think most people I know don't have huge amounts of savings and they're generally pretty middle class. I have a high income but my husband has been looking for a new full time job for months as part of a planned career change and we've had to keep the nursery places because the waiting list is so long which means that after mortgage, childcare, food, fuel, and basic bills we have a couple of hundred quid left over which goes very quickly on irregular expenses like car insurance and birthdays. It's not like I can earn more because then we'd lose the tax free childcare and free hours. I'd be surprised if there are many people with childcare costs who have much spare cash.

It's also about how people spend their money aswell though. My household income is not particularly high, but I manage to have more than this left over by payday, and that's with having a PCP on my car aswell.

My aim this month is just to try and have £0 left and not have had to have used my credit card. Not overly optimistic given it's a 5 weekend pay month again.

Just cancelled the pet insurance.

I was chatting to my son today about savings. We both agree that the very average Brit literally lives from payday to next payday . Absolutely scary and worry about my children’s future.

I survive by using credit cards. I've got credit cards and I'm also £88 into my overdraft. It's the same every month. Every now and then I start to feel like I'm making progress but then an unexpected expense comes up and I'm back in the minus.

I've always had excellent control of my finances and never had debts before but the housing and cost of living crises have forced me into debt. I used to work as a debt adviser and now I'm in debt myself!

Rent is sky high and keeps increasing each year and so do all my other bills. Even though it's very high, it's actually cheaper than other properties within a reasonable commute to my child's school. I already work full time and have a part time job on top. It's impossible to work more hours than I currently do. I'm a single parent so I'm fucked! Child's father pays a pittance in child maintenance, usual story!

Yup if they remove cheap credit card lending as an option again society is sunk, I think the relentlessly booby trapped UC system is a massive part of what is going on financially right now.

Bigger issue is managing money - whatever the amount. Too many People are flippant about take aways, eating out, grabbing a drink, or booking events etc - it all costs money that people don’t always have!

living within your means and not beyond them- means a radical mindset change but it’s needed for many of us!

We have never had 1p left over and we are moderately high income (not by mumsnet standards but statistically speaking) - we are in the £70k+ bracket.
Good assets though, just no cash.

Naïve question: If people never have £100 at the end of the month, how can they ever afford to go away on holiday, even if it’s just a few days on a campsite in a borrowed tent?

Perhaps they never do.

Before or after contributing to savings? Most people "pay themselves first" by treating savings like another bill that is paid when they are paid.

@CissieNotAda we don't go on holidays or weekends away or camping trips. I'd love a holiday but there's no way I can afford it. Just the way it is for a lot of us.

Thank you for your reply. My sympathies.