New research reveals one in three Brits spends most of their disposable income on home maintenance

As the cost of living continues to be a hot topic, money experts at Moneyboat wanted to dive deeper into how Brits feel about their disposable income—the money left over after paying essential bills like rent or mortgage, utilities, and groceries.

To get a clearer picture, experts conducted a survey with 1,500 participants, asking them about their satisfaction with their disposable income and how much they think is necessary to live comfortably, what they're spending their disposable income on and if people believe older generations had it easier.

Over two-thirds of Brits believe the cost of living has impacted disposable income

The ongoing cost-of-living crisis has impacted many Brits, with 67% of respondents stating that their disposable income has been significantly reduced. However, 26.5% reported no change in their financial situation. When breaking it down by demographics, both males and females reported similar experiences, with around 43% noticing a reduction.

40% say younger people have more disposable income than older generations

Interestingly, perceptions about who has more disposable income vary widely. About 40% of respondents believe that younger people have more disposable income compared to older generations. On the other hand, 31% think older individuals are better off financially. This suggests a divide in how different age groups view each other's financial situations.

How much do Brits need to live comfortably?

When asked how much disposable income is needed to live comfortably, opinions varied. Around 45% of respondents felt that more than £500 per month is necessary, with a quarter believing that £700 or more is needed. However, 20% of Brits are content with £100-£300 a month, showing that comfort levels can differ significantly.

Spending habits: Home maintenance 

When it comes to spending, Brits prioritise eating out, with 50% of respondents saying they spend their disposable income on eating out. Holidays came in second at 47%, while hobbies, clothes, drinking followed by home maintenance. Those aged 65+ spend the most on home maintenance, followed by the 25 -34 age group.

If you'd like to find out more about how Brits feel towards their disposable income, please visit: https://www.moneyboat.co.uk/blog/how-satisfied-are-brits-with-their-disposable-income/