The latest figures from Asda’s Income Tracker reveal that household disposable incomes fell in every UK region during Q4 2022, compared with the same period a year earlier, showing that no areas of the country are immune from the cost of living crisis.
Across the UK as a whole, the amount households had to spend on themselves, after paying taxes and essential bills, fell by 11.4% during the fourth quarter to an average of £209 per week, compared to £236 per week in Q4 2021.
The decline in disposable incomes is the result of a sharp increase in household bills, particularly gas, electricity, fuel and food, compared to the previous year.
Households in the South East saw the biggest fall in disposable income – down by £44 per week (24% year-on-year) – from a weekly average of £230 in Q4 2021 to £186 in Q4 2022.
Families in Wales and Northern Ireland also experienced a significant decline in disposable income as rising living costs continue to disproportionately impact the devolved nations.
Northern Ireland saw the largest fall in percentage terms, with disposable incomes declining by 27.6% year-on-year to an average of £93 per week in Q4, a figure which represents a seven-year low.
In Wales household disposable incomes were 15.9% down in Q4 compared to a year earlier, averaging £170 per week – the lowest amount since 2017.
Asda continues to support customers during the cost of living crisis by keeping prices in check and helping budgets stretch further as seen through a recent Which? Report showing Asda was the cheapest supermarket for the big family shop in 2022.
The supermarket has also recently launched a new initiative where customers can cook seven evening meals for a family of four for under £20 using ingredients from its award-winning Just Essentials value range.
Coming in at as little as £2.10 per meal for four, customers can enjoy comforting dishes such as Tuna and Tomato Pasta, Bacon and Pea Frittata, Chicken Stew and Rice, Chicken Pasta, Fish Pie, Fish Biryani and Sausage and Mash.