‘67% worried about personal finances and ability to cover essentials’

Spending on essentials is growing at nearly double the annual increase in non-essential spending, Nationwide Building Society said.

More people are concerned about their finances and ability to cover essential costs, research for Nationwide Building Society has indicated (Joe Giddens/PA) (PA Archive)

Spending on essentials rose at nearly double the annual increase in non-essential spending in March, in signs of households making lifestyle adjustments in order to be able to afford “must-haves”, according to Nationwide Building Society’s analysis of its members’ financial habits.

The total value of essential spending rose by 11% year on year in March – close to double the growth of non-essential spending (6%), the society said.

The report analysed millions of debit card, credit card and direct debit transactions made by Nationwide members.