U.K. household spending - excluding mortgage payments - rose to £554.20 pounds per week in 2017, climbing back to pre-crisis levels of more than a decade ago for the first time, according to a report by the Office for National Statistics - that’s an increase from £533 the previous year. Transport accounted for the biggest proportion of expenditure at £79, more than housing and recreation. Both transport and recreation rose by more than £5 a week each. Of note, 65-74 year olds spent more than double than under 30’s on culture and recreation (a fifth of their disposable income).
Rising lifestyle costs mean that it is therefore important to ensure your income, investments and savings are structured through effective wealth management to try to protect you from the effects of inflation, which can be significant over time, otherwise your future life style may be compromised.