4.5m Brits have less than £10 disposable income
With many households struggling to make ends meet, the research found that when questioned a quarter of people (25%) said they had less than £50 a month to spend after bills.
Across the UK the average monthly disposable income was £224.50. However there was a wide gender difference – men reported having disposable incomes averaging £272.50, some 43% higher than women (£190.20).
Unsurprisingly, young people reported having the least disposable income – with 18-24 year-olds averaging £174.20 (22% below the overall UK average). In fact, 31% of this age group have less than £50 a month to spend after bills.
Interestingly, the wealthiest in terms of post-bills spending money are people over 65, with an average of £269.50 a month available to spend.
One in eight people (13%) said they had at least £501 left to spend once their monthly bills had been settled. This figure rose to one in five (20% of) people over 65, compared with just 7% of 18-24 year olds – around one in 14.
The amount of disposable income also varies depending on where people live. It is highest in London, at an average of £261, and the South East, at £244. People in the North East and Wales have the lowest disposable incomes, at £199 and £181 respectively. Worryingly, a full 16% of people questioned in Wales said they had less than £10 a month to spend after bills.