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06/11/2024
Northern Ireland's Poorest Households Struggle Amid Rising Costs
The Consumer Council has released its latest Northern Ireland Household Expenditure Tracker for Quarter 2 2024 (April to June). The report highlights the significant financial challenges faced by the lowest-income households in Northern Ireland.
Key findings from the report include:
• Plummeting Discretionary Income: The lowest-earning households in Northern Ireland have experienced a 22% decline in discretionary income since the first quarter of 2021, leaving them with less than £50 per week on average for non-essential spending.
• High Proportion of Income Spent on Essentials: These households allocate 50% of their total basic spending to essential items such as food, rent, energy, and transport.
• Lower Pre-Tax Income: The lowest-income group in Northern Ireland earns 6% less before tax compared to the UK average.
• Slight Improvement in Recent Quarters: There has been a modest increase in both pre-tax and post-tax income over the last quarter, with discretionary income rising from £41.73 to £49.95 per week.
The report underscores the stark disparity in financial resilience between different income groups in Northern Ireland. The highest-earning households have nearly 14 times more discretionary income available compared to the lowest-earning households, highlighting the significant challenges faced by those on lower incomes.
Anne-Marie Murphy, Director of Strategy & Emerging Markets, said: "While our lowest earning households have seen a 20% rise in discretionary income over the last quarter, this equates to less than £10 per week for an average household (£8.22). Less than £10 per week doesn't go very far when you are trying to feed a family or heat your home.
"Many Northern Ireland consumers remain vulnerable to price rises or unexpected costs with our latest Pulse survey showing that nearly two in five (38%) of Northern Ireland's consumers feel that their personal finances have had a negative impact on their mental health.
"To help consumers, we offer a variety of support and advice including interactive tools to compare energy costs and advice on how to reduce your bills and make your money go further."
Key findings from the report include:
• Plummeting Discretionary Income: The lowest-earning households in Northern Ireland have experienced a 22% decline in discretionary income since the first quarter of 2021, leaving them with less than £50 per week on average for non-essential spending.
• High Proportion of Income Spent on Essentials: These households allocate 50% of their total basic spending to essential items such as food, rent, energy, and transport.
• Lower Pre-Tax Income: The lowest-income group in Northern Ireland earns 6% less before tax compared to the UK average.
• Slight Improvement in Recent Quarters: There has been a modest increase in both pre-tax and post-tax income over the last quarter, with discretionary income rising from £41.73 to £49.95 per week.
Anne-Marie Murphy, Director of Strategy & Emerging Markets, said: "While our lowest earning households have seen a 20% rise in discretionary income over the last quarter, this equates to less than £10 per week for an average household (£8.22). Less than £10 per week doesn't go very far when you are trying to feed a family or heat your home.
"Many Northern Ireland consumers remain vulnerable to price rises or unexpected costs with our latest Pulse survey showing that nearly two in five (38%) of Northern Ireland's consumers feel that their personal finances have had a negative impact on their mental health.
"To help consumers, we offer a variety of support and advice including interactive tools to compare energy costs and advice on how to reduce your bills and make your money go further."
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