08 February 2017

How we spend our time and money today

The average British family wakes up at 7am and goes to bed at 10pm; but what happens in between, and how much does it cost in time and money?

A survey of 2,000 British families with at least one child under 18 found some surprising and heartening results. Two thirds of you are married with two kids. You live in a house with three bedrooms and two toilets, and enjoy an annual family holiday. 

So, life seems to be rosy for most of you. Especially after piling the kids and the dog into the Ford Focus, the most popular pet and car, for your family day out.

Great british family infographic
Great british family infographic
Great british family infographic

The day today

After seven hours of sleep, which probably doesn't feel like long enough, and working for six hours, which no doubt feels longer, there’s only time for six hours a week of pure family time. Then 43% of you are feeling guilty about not spending enough time with your children. Getting the right work-life balance is an ongoing challenge.

Home comforts

This is where the greatest changes in life today have happened. The modern home is now a digital playground. An average of 2 TVs, 2 laptops, 2 tablets, 3 phones and, inevitably, 2 game consoles (with a combined cost of £2,700) are now the norm. 

They’re also the reason why 16% of you find prising them away from the clutches of little fingers the worst part of being a parent.

Keeping a roof over our heads

The cost of owning or renting a home is still the biggest expense for British families. But owning your own home through a mortgage continues to be the overwhelming desire for 54% of you. 

Savings and debt are, unfortunately, a little too close for comfort. Most families have less than £1,000 standing between what they owe and what they’ve saved for a rainy day. 

Making ends meet

Family life and household finance have always been at the centre of British life and never more so than now. Spending habits have changed, with electronic devices now having a huge impact on your family finances, but it’s reassuring that nine out of ten families are happy with their lot. 

But money is always significant, so though time may well fly it’s important to make sure that your money sticks around and works for you and your family.

Budget

Making time to budget household finances is important. Our budget calculator is a useful tool that can give you an idea of your financial position.

Research conducted by OnePoll for Nationwide, with a sample of 2000 parents with at least one child aged 0-18 living at home with them.

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