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Living standards and incomes are continuing to show small signs of improvements, according to a new study.<\/p>\n
The amount of disposable income that the average household has left each after covering essentials is up by \u00a318.56 on a year ago to \u00a3231, according to the Asda Income Tracker.<\/p>\n
This increase, which amounts to 8.7 percent in February 2024 versus the same month last year, was largely driven by a rise in incomes and a slowdown in core inflation.<\/p>\n
Imminent policy changes, including the reduction to National Insurance contributions, a rise in pensions and the National Living Wage are expected to offer a further boost.<\/p>\n
Discretionary income is a measure of the amount of money a household has left after paying taxes and buying essential items such as groceries, electricity, gas, transport costs and mortgage interest payments or rent.<\/p>\n<\/div>\n
The study puts the average household income at \u00a3987 per week with \u00a3604 going on essential spending and \u00a3152 in taxes. That leaves \u00a3231 for other things.<\/p>\n
Significantly, the lowest-earning households saw their gross weekly income grow for the first time in over two years.<\/p>\n
The figure for this group was up 6.8 percent to \u00a3208.<\/p>\n<\/div>\n
Despite this, this group’s finances “remain in negative territory, indicating that their net income is insufficient to cover essential spending”.<\/p>\n
The study shines a light on huge disparities between the wealthiest and poorest sections of the population.<\/p>\n
The figures show an average household gross income of \u00a3208 for the poorest 20 percent of households, which compares to \u00a32,436 for the richest 20 percent.<\/p>\n<\/div>\n
Sam Miley, Managing Economist and Forecasting Lead at Cebr who produces the Income Tracker on behalf of Asda, said: \u201cThe Income Tracker has been improving for almost a year now, with households continuing to recover from the depths of the cost-of-living crisis.<\/p>\n
\u201cA particularly sharp uptick is expected to take place from April when inflation will ease significantly off the back of lower household energy bills.<\/p>\n
“This will help to support spending power and consumer activity.\u201d<\/p>\n<\/div>\n[ad_2]\n","protected":false},"excerpt":{"rendered":"
[ad_1] Living standards and incomes are continuing to show small signs of improvements, according to a new study. The amount of disposable income that the average household has left each after covering essentials is up by \u00a318.56 on a year ago to \u00a3231, according to the Asda Income Tracker. This increase, which amounts to 8.7 …<\/p>\n","protected":false},"author":1,"featured_media":33445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/33444"}],"collection":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/comments?post=33444"}],"version-history":[{"count":0,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/33444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media\/33445"}],"wp:attachment":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media?parent=33444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/categories?post=33444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/tags?post=33444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}