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How does your family’s household spending compare?

Every family is different – you don’t need us to tell you that – but are you spending more or less than the average UK family?

The Aviva Family Finances report released this week has taken a snapshot of UK households. It shows housing – whether rent or mortgage payments - dominate our outgoings at £505 a month. Utility bills, paying off debts and the weekly food shop are not too far behind.

All four combined amounts to £1,210 - more than half a families’ monthly spend.

The average family spend

Though it’s not clear what all the bills are (it could include things like pay TV), it’s not too far of a jump to see the bulk of the other spending as the extras bought once the essentials are covered – also known as your discretionary spend.

The report found each month families spend £348 on holidays, entertainment, alcohol and cigarettes, £234 on travel, a huge £209 on childcare and uni fees and £198 on the ambiguously titled “Household goods” and “Personal goods and services”.

The final chunk was an average of £113 paid into savings every month.  As with any average, it doesn’t tell the whole story. One in four families puts nothing away, while 45% have less than £5,000 available.

The average UK family home

The report also looked at the average family home. It’s likely to have three bedrooms and one bathroom, with 2.7 people living there.

Despite having an average of £34,486 worth of contents, Aviva found only around two thirds of families had contents insurance for their home, leaving a large chunk risking losing their possessions to theft or damage.

 

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