UK Money News
29th January 2008
Mortgages take up most of household budgets
The last fifty years has seen a sea change in how UK consumers' budgets are spent, a new study has revealed.
According to a study conducted by the Office of National Statistics, the average UK household now spends 19 per cent of its budget on housing and mortgages.
This in stark contrast to data from 50 years ago when just nine per cent was spent on mortgage or rental outgoings.
Meanwhile, where in 1950 groceries accounted for one third cent of a home's weekly spend, this has since sunk to just 15 per cent.
Ed Dunn, who oversaw the research for the ONS, said that the despite complications comparing the data, the figures nonetheless indicated a significant shift in spending patterns.
He said: "Even though like-for-like comparison over 50 years is not possible, the proportion we spend on food has changed quite sharply. Food and drink have become less significant."
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