Nationwide Building Society’s latest research sheds light on the growing financial burden faced by British families, particularly highlighting the 22% increase in mortgage costs since 2021. The study, involving over 2,000 participants, reveals a stark rise in living expenses, with mortgages witnessing a significant uptick alongside other essential costs.
The survey indicates a concerning trend of dwindling disposable income among families, with those having less than £100 spare each month nearly doubling from 13% in 2021 to 22% by the end of 2023. Furthermore, the proportion of families with no remaining funds by month-end saw a near twofold increase from 11% in 2022 to 21% in 2023.
In light of these findings, Nationwide reassures its customers of its commitment to providing support, particularly to those struggling with mortgage payments. The building society highlights its dedicated cost-of-living helpline and the array of services available to assist customers, including financial health checks and various forbearance options.
Mandy Beech, director of retail services at Nationwide, said: “Despite the rate of inflation coming down, many households continue to feel the pressure as costs remain historically high. Families have been hit particularly hard, with little spare money at the end of the month.
“What is most concerning is where people have said that they don’t know who to speak to about their financial situation, or don’t think their bank or building society could help them.”
