The number of families earning less than £100 a month has doubled in the cost of living crisis

Stressed: More than one in five households have no more than £100 at the end of each month

Stressed: More than one in five households have no more than £100 at the end of each month

The number of households with less than £100 has doubled at the end of each month since the cost of living began to rise dramatically, Britain’s largest building society reports.

More than one in five households have more than £100 left at the end of each month, up from one in ten in 2021, according to the latest figures from Nationwide.

Rising mortgage or rent payments and food, energy and fuel costs have put increased pressure on household budgets, with two-thirds of households now saying they are more worried about their finances than last year.

Energy bills have risen by 63 per cent since 2021, with the typical household now paying £205 a month – £79 more than when the cost of gas and electricity started to rise.

Meanwhile, mortgage repayments have risen by almost a quarter, to £880 a month on average, over the past two years, adding £158 a month to households’ bills.

Half of those surveyed now put more than £750 a month into their mortgage, up from around 37 per cent two years ago.

As a result, the amount of income disposable to families each month has fallen from an average of £328 in 2021 to just £237 at the end of 2023.

“Despite the decline in inflation, many households are still feeling the pressure,” says Mandy Beach, director of retail services at Nationwide.

“We would urge anyone with concerns to contact their financial services provider.”

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(Signs for translation) Daily mail

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