Family spending falls in 2009
The latest figures from the Office for National Statistics (ONS) suggest that the recession resulted in a fall in family spending in 2009.
The average family spent £455 a week during 2009. This is down £16 a week, from £471 a week during 2008.
Whilst £16 does not appear at first glance to be a significant fall in expenditure, it is worth noting that this is the first annual fall in family spending in ten years, when this method of recording family spending levels was created.
In terms of where families were spending their money last year, the three largest categories of expenditure were transport, recreation and culture, and housing, fuel and power.
Spending in all three categories fell in 2009.
When constructing your Financial Plan, it is important to understand where you are spending money. This analysis of expenditure forms an important part of the Financial Plans we construct for our clients.
Photo credit: Flickr/Corey Ann