06/11/2024
Northern Ireland's Poorest Households Struggle Amid Rising Costs
The Consumer Council has released its latest Northern Ireland Household Expenditure Tracker for Quarter 2 2024 (April to June). The report highlights the significant financial challenges faced by the lowest-income households in Northern Ireland.
Key findings from the report include:
• Plummeting Discretionary Income: The lowest-earning households in Northern Ireland have experienced a 22% decline in discretionary income since the first quarter of 2021, leaving them with less than £50 per week on average for non-essential spending.
• High Proportion of Income Spent on Essentials: These households allocate 50% of their total basic spending to essential items such as food, rent, energy, and transport.
• Lower Pre-Tax Income: The lowest-income group in Northern Ireland earns 6% less before tax compared to the UK average.
• Slight Improvement in Recent Quarters: There has been a modest increase in both pre-tax and post-tax income over the last quarter, with discretionary income rising from £41.73 to £49.95 per week. The report underscores the stark disparity in financial resilience between different income groups in Northern Ireland. The highest-earning households have nearly 14 times more discretionary income available compared to the lowest-earning households, highlighting the significant challenges faced by those on lower incomes.
Anne-Marie Murphy, Director of Strategy & Emerging Markets, said: "While our lowest earning households have seen a 20% rise in discretionary income over the last quarter, this equates to less than £10 per week for an average household (£8.22). Less than £10 per week doesn't go very far when you are trying to feed a family or heat your home.
"Many Northern Ireland consumers remain vulnerable to price rises or unexpected costs with our latest Pulse survey showing that nearly two in five (38%) of Northern Ireland's consumers feel that their personal finances have had a negative impact on their mental health.
"To help consumers, we offer a variety of support and advice including interactive tools to compare energy costs and advice on how to reduce your bills and make your money go further."
Key findings from the report include:
• Plummeting Discretionary Income: The lowest-earning households in Northern Ireland have experienced a 22% decline in discretionary income since the first quarter of 2021, leaving them with less than £50 per week on average for non-essential spending.
• High Proportion of Income Spent on Essentials: These households allocate 50% of their total basic spending to essential items such as food, rent, energy, and transport.
• Lower Pre-Tax Income: The lowest-income group in Northern Ireland earns 6% less before tax compared to the UK average.
• Slight Improvement in Recent Quarters: There has been a modest increase in both pre-tax and post-tax income over the last quarter, with discretionary income rising from £41.73 to £49.95 per week. The report underscores the stark disparity in financial resilience between different income groups in Northern Ireland. The highest-earning households have nearly 14 times more discretionary income available compared to the lowest-earning households, highlighting the significant challenges faced by those on lower incomes.
Anne-Marie Murphy, Director of Strategy & Emerging Markets, said: "While our lowest earning households have seen a 20% rise in discretionary income over the last quarter, this equates to less than £10 per week for an average household (£8.22). Less than £10 per week doesn't go very far when you are trying to feed a family or heat your home.
"Many Northern Ireland consumers remain vulnerable to price rises or unexpected costs with our latest Pulse survey showing that nearly two in five (38%) of Northern Ireland's consumers feel that their personal finances have had a negative impact on their mental health.
"To help consumers, we offer a variety of support and advice including interactive tools to compare energy costs and advice on how to reduce your bills and make your money go further."
Related Northern Ireland News Stories
Click here for the latest headlines.
19 August 2024
Lowest Earning Households Left With Under £42 Per Week
Northern Ireland's lowest earning households have seen their discretionary income fall by over 35% since the first quarter of 2021, leaving them with less than £42 per week on average after paying for essentials.
Lowest Earning Households Left With Under £42 Per Week
Northern Ireland's lowest earning households have seen their discretionary income fall by over 35% since the first quarter of 2021, leaving them with less than £42 per week on average after paying for essentials.
12 March 2024
NI Households Left With Less Than £32 Per Week After Essentials
Discretionary income has fallen by over half since 2021 for Northern Ireland's lowest earning households, leaving them with only £31.31 per week on average, according to the Consumer Council.
NI Households Left With Less Than £32 Per Week After Essentials
Discretionary income has fallen by over half since 2021 for Northern Ireland's lowest earning households, leaving them with only £31.31 per week on average, according to the Consumer Council.
04 November 2005
Report finds women still earning less than men
Women in Northern Ireland continue to receive less income than men, although the difference is narrowing, a new report has claimed.
Report finds women still earning less than men
Women in Northern Ireland continue to receive less income than men, although the difference is narrowing, a new report has claimed.
29 May 2024
NI's Lowest Earning Households Worst Affected By Cost-Of-Living Crisis
Northern Ireland's lowest earning households have been the worst affected during the cost of living crisis, according to the latest NI Household Expenditure Tracker from the Consumer Council.
NI's Lowest Earning Households Worst Affected By Cost-Of-Living Crisis
Northern Ireland's lowest earning households have been the worst affected during the cost of living crisis, according to the latest NI Household Expenditure Tracker from the Consumer Council.
12 September 2023
NI Households Experience Further 29.5% Fall In Disposable Income
The discretionary income of Northern Ireland's lowest earning households have fallen a further 29.5% over the last year, from £28.12 to £19.83 per week, according to the latest figures from the Consumer Council.
NI Households Experience Further 29.5% Fall In Disposable Income
The discretionary income of Northern Ireland's lowest earning households have fallen a further 29.5% over the last year, from £28.12 to £19.83 per week, according to the latest figures from the Consumer Council.