Posted: Tue 26th Jul 2022

Asda launches money-saving advice hub as it reveals disposable income fell by 18% in June

News and Info from Deeside, Flintshire, North Wales
This article is old - Published: Tuesday, Jul 26th, 2022

Household disposable incomes fell by 18% in June compared to the same period last year as the cost of living crisis continued to squeeze family budgets, according to the latest Asda Income Tracker.

Asda says that soaring living costs, up 11% year-on-year in June, “meant that families were on average £43.95 a week or £175.80 per month worse off compared to June 2021.”

The average household had £200 per week left after paying tax and essential bills last month – a figure that has fallen for eight consecutive months to a figure last seen in December 2017.

“The cost of living crisis is particularly hard for low-income families with 20% of UK households now having ‘negative disposable income’ – resulting in a shortfall of £60 per week in June between what they earned and what they needed to spend on essentials such as mortgage, rent, utility bills and transport costs.” Asda said.

Essential Living Hub

The supermarket chain has launched an online money-saving advice hub to help cash-strapped parents struggling with the cost-of-living crisis who face a new financial challenge this summer – how to keep children occupied during the long school holidays when budgets are squeezed.

Asda’s Essential Living Hub is a “one-stop” website where customers can access a wide range of hints, tips and hacks, which go beyond the weekly food shop, covering how to save energy, budget better, buy and cook smarter, entertain the kids for free and even eat out without paying a penny.

New research from Asda reveals the tough choices parents face as they prepare for the school holidays.

More than three-quarters of parents (78%) admitted they would have to cut back on holiday activities such as day trips, cinema visits and eating out because they are struggling to afford these treats.

More than two-thirds (67%) plan to take on extra work and almost half (47%) plan to borrow money from friends and family so that their kids can enjoy some holiday treats.

And 14% said that any kids’ activity that costs money this summer is unaffordable.

“Cutbacks to holiday treats and activities will be felt the most by low-income families as they continue to be disproportionately affected by the cost-of-living crisis.” Asda said.

Sam Dickson, Asda’s Acting Chief Customer Officer, said: “We know things are tough for many families as our latest Asda Income Tracker shows the average household is a record £175 per month worse off compared with this time last year.”

“This makes it harder to find the money to go on holiday or keep the kids entertained while they are off school.“

“We know that despite the budget pressures – parents and carers want to do the best for their kids, which is why we’ve launched the Essential Living Hub to help them through the holidays.”

“And with our Just Essentials range offering over 300 products at the lowest possible prices, we’re here to help them make their budgets stretch further so they will have more to spend on doing the things they love.”

To find out more information, visit: https://www.asda.com/essential-living

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