21 February 2017

Money worries of the average British family today

Keep calm and carry on... but do manage your money. A survey of 2,000 British families with at least one child under 18 showed money worries are never far from their minds. 

Two in five regret not saving more and a third wish for higher earnings, so it’s no surprise that 40% worry about their finances. With overall debt very close to family savings, and in four cities it’s actually higher than savings, there’s cause for concern.

And yet, despite all that, nine out of ten families are happy, and a third are very happy! So though debt might feel like it’s always going to be there, it needn’t be. Of course, when you’re in it, it’s hard to find a way out, but practical advice on easing your money worries is always on hand.

A North-South divide?

Splitting the nation into regions, and the debt into three types–overall, mortgage and credit card, threw up some surprises. London and the South East don’t hold any of the top spots, despite their higher cost of living.

Topping the tables were Northern Ireland for overall debt, East Midlands for highest outstanding mortgage and Scotland for most credit card debt. And Belfast, Newcastle and Plymouth all carry more family debt than London’s £8,100.

Debt Maps
Debt Maps
Debt Maps

The big picture

The West Midlands’ overall family debt is the lowest in the country, while Northern Ireland’s is a third bigger and largest. A look at cities threw up some surprises, too. For instance, York has less overall debt than Birmingham, and Brighton has £1,100 less than the surrounding South East. 

A loan could help in many cases and our loan calculator might be the place to start if you’re thinking about applying for one.

Debt Maps
Debt Maps
Debt Maps

Bricks and mortar

Mortgage debt splits the country down the middle, as the East Midlands took top spot and the West Midlands had the lowest amount. The difference of £73,000 between the two is substantial, as is the £20,000 less that Brighton’s families owe compared to their South East neighbours.

A mortgage generally takes the biggest slice of your family’s money pie, so it’s important to make sure that you’re not paying any more than you should be. Why not take a look at our mortgage calculators?

Debt Maps
Debt Maps
Debt Maps

Spend today, pay tomorrow

Glasgow’s average family credit card debt is nearly £600 more than Scotland’s, which is itself the highest in Britain. It’s also the biggest difference within a region and contrasts with Edinburgh, which has less debt than the rest of Scotland. Cambridge has the lowest at less than half Glasgow’s.
As with mortgages, it’s important to make sure you’re not paying any more than you have to. So it pays to do some research to find the most suitable credit card for you. Why not find out about Nationwide credit cards?

Research conducted in January 2017 by OnePoll for Nationwide, with a sample of 2000 parents with at least one child aged 0-18 living at home with them

The content displayed on our recent news and articles page is for information purposes only, and is accurate at the time of publication. The information will not be maintained, and so we cannot guarantee that at any given time the information will be up to date or complete. Please verify any information you take before relying on it.

Nationwide is not responsible for the content or availability of external websites. Nationwide does not make any recommendation or endorse any advertising, products, services or other content on such external websites. Views expressed on third party websites are those of the public and unless specifically stated, are not those of Nationwide.

Most popular

You may also be interested in...

Our helpful guides

We've created a range of helpful guides to help you make better financial decisions regardless of your circumstances. Find out more about owning property, growing wealth and planning for life events.

Our products

Whether you are after a current account, a savings account or even looking for a mortgage, Nationwide has a range of great products that could help you, no matter the situation.