32% of people ‘have £100 or less left in their account at end of each month’
One in 11 people said they have no money left in their account at the end of the month, according to Nationwide Building Society.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Nearly seven in 10 (69%) people are concerned about their personal finances and ability to cover the essentials, according to a survey carried out in September.
This is an increase from 57% who said this in July and 62% who felt this way in August, according to the research carried out for Nationwide Building Society.
A third (32%) of those in the latest survey said they are left with £100 or less in their account at the end of each month, with one in 11 (9%) saying they have no money left.
Nationwide’s own internal figures, based on data from its members, also showed that spending on mortgage payments in August was up by 11% annually, by value.
The total value of spending on rents surged by 19% annually in August.
We expect many to cut back into their discretionary spending in order to manage their budgets
The value of spending in discount stores increased by 28% annually in August.
The survey research was carried out among more than 2,000 people across the UK by Censuswide, between September 13 and 15.
Mark Nalder, payments strategy and performance director at Nationwide Building Society, said: “Money worries have peaked this year, which is perhaps not a surprise after many people juggled the expectation to spend during the summer with continued high living costs.
“As we enter the autumn, households will hope for some respite before the return of colder weather and the need to heat homes once again.
“While energy costs have dipped from their peak last year, the return of high utility bills will not be a welcome sight for many. Just as we saw last year, we expect many to cut back into their discretionary spending in order to manage their budgets.”