A quarter of families do not have a household budget

Equifax research reveals that families in the South East most likely to ‘wing it’ when it comes to managing finances

With news* that UK households are suffering the biggest financial squeeze since mid-2014, the latest research** from Equifax the credit information provider, reveals that a quarter of families (24%) do not have a household budget. And families in the South East are the least likely to set a household budget.

A third (33%) of families in the South East have admitted that they do not set a household budget, followed by nearly a third of families in Yorkshire at 29%. Families in Wales and the South West appear to be more control of their household finances, with just 16% and 17% respectively not setting a household budget.

Region Percentage of families who do not set a household budget
1. South East 33%
2. Yorkshire 29%
3. North East 28%
4. London 27%
5. Scotland 23%
6. North West 22%
7. Midlands 22%
8. East 21%
9. South West 17%
10. Wales 16%

"It appears from our latest research that millions of families are not necessarily keeping track when it comes to managing their finances, with a quarter admitting to not having a household budget", said Lisa Hardstaff, consumer credit information expert at Equifax. "And whilst for some families this may work for them, for those who are just about managing it is helpful to have a household budget.

"Families that don’t manage their household spend and keep a track of things like utilities, food and petrol costs could run the risk of overspending as they may not remember all of their financial commitments, especially if there’s an unexpected bill. With almost a third of respondents saying they are most concerned about a rise in utility bills impacting their disposable income, knowing all the planned outgoings makes the unexpected easier to deal with.

"Anyone struggling to keep track of their money can create a financial plan, for both their short and long-term financial commitments. We have created an interactive Budget Planner which is free to access from our website Anybody who has concerns about their finances can also gain some understanding of their financial situation by obtaining a copy of their credit report to view their current commitments

The Equifax Credit Report is accessible for 30 days free simply by logging onto www.equifax.co.uk/Products/credit/credit-report. If customers do not cancel before the end of the 30-day free trial, the service will continue at £9.95 per month, giving them unlimited online access to their credit information and weekly alerts of any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.

ENDS

For further press information, please contact: Clare Watson, Cecile Stearn, Parm Heer or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: equifaxbtocteam@harrisonsadler.com

About Equifax

Equifax, Inc. ("Equifax") powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyses data on more than 800 million consumers and more than 88 million businesses worldwide, and its databases include employee data contributed from more than 5,000 employers.

Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,200 employees worldwide.

Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune’s World’s Most Admired Companies (2011-2015); named one of Forbes’ World’s 100 Most Innovative Companies (2015). For more information, visit www.equifax.com

Equifax Limited is one of the Equifax group companies based in the UK.

Equifax Limited is authorised and regulated by the Financial Conduct Authority.

Categories