Supporting family (31%) or investing (31%) is what most people would do with the extra cash (£1,000 a month) if they had no mortgage or rent to pay, a survey by Elan Homes has found.
While the majority of people surveyed1 wanted to share the wealth (if they had an extra £1,000 a month and didn’t have a mortgage/rent to pay) – 31.38% said they’d help family and 8.9% said they’d donate to charity – the cost of living crisis was also evident from the results.
One person said they’d buy more food and switch the heating on when it’s cold, while others (four people) said they’d clear debts including credit cards.
Marie Morris, sales director for Elan Homes in the North, said: “Housing costs are usually the biggest monthly outgoing for most people.
“Our survey found that for 61% of respondents their mortgage or rent was more than the other combined monthly bills, with 32% paying significantly more for housing than their other combined monthly bills.
“We’re currently offering to pay up to £1,000 a month for a year towards the mortgage on selected new homes and so also asked what people would do if they had that cash to spare.
“It’s heartening to know that if they had an extra £1,000 a month and didn`t have a mortgage/rent to pay almost a third (31%) of those surveyed would support their family.
“An equal amount of people (31%) said they would invest the money, which would be a wise move.”
After supporting family or investing, the next popular option was splashing out on holidays, with just over a fifth (21.08%) stating they’d use the cash to go on a luxury holiday/travel.
Other answers included buy a new car (14.75%), reduce working hours (14.52%), buy new furniture (14.05%), treat themselves to a new wardrobe (9.13%) and donate to charity (8.90%).
Some of the respondents didn’t know what they’d do with an extra £1,000 (7.26%), while others (6.79%) said they wouldn’t do anything particular with the money if they didn’t have to rent or a mortgage to pay.
