Consumers back in control of spending after inflation eases

New research by TopCashback has found that almost three-quarters of adults (71%) ‘in control’ of spending, an 8% increase compared to three months ago.

The report reveals that consumers also have more in their bank account at the end of the month compared to Autumn 2023, climbing from £323 to £691 Yet, 17% are still in their overdraft or have no cash left at all at the end of the month
New research reveals that almost three-quarters of adults (71%) now feel in control of their spending.

The report highlights that more men than women feel in control of their spending, increasing from 70% to 76% for men, and from 63% to 67% for women, over the last three months. It’s the same case for those that earn lower to average salaries between £15k – £35k, with 72% agreeing that they’ve got their expenditures in control, rising by 13% compared to three months ago.

The majority of those that are older feel most in control, with 82% stating that they’ve got their spending in check.

The report found that on average Brits now have more in their bank account at the end of the month compared to three months ago, climbing from £323 to £691.

Adam Bullock, UK Director at TopCashback said “With inflation climbing at a slower rate, we’re finally beginning to see that people feel more in control of their spending – and we want it to continue that way.

“We encourage people to be as savvy as possible and use various methods to save when they spend, using cashback, discount codes and loyalty cards where possible, to make their hard-earned money go as far as they can. This includes everything from groceries and utilities through to bigger purchases like holidays and insurance.”

The data also found that almost a fifth (17%) have £0 or are in their overdraft at the end of the month, the same number as when the first report was released last year. Those under 25 have the least the day before payday at £178. The report also uncovers the extent to which money worries are continuing to impact adults across the country, with almost a third (30%) admitting to dwelling over money worries at least once a week.

A quarter of people (25%) have lost sleep over money concerns more than once a week yet, despite this, more than half (59%) haven’t sought professional advice to support them.

Bulluck concluded “While it’s good that we’re starting to see more people have more in their bank account at the end of the month, our research indicates it’s clear that unfortunately those who have been struggling are still contending from the turbulent inflation of the last few years and aren’t feeling much relief.

“As a result, living beyond our means has become the norm for so many. Working as close to a budget as possible helps to create a sense of control when it comes to spending – planning expenditure for essentials but also allowing room for any spontaneous plans without getting into debt.”