11.1 C
Harrow on the Hill
Sunday, July 14, 2024
HomeNewsNearly 18,000 Harrow families have less than £100 spare each month, new...

Nearly 18,000 Harrow families have less than £100 spare each month, new data suggests

New analysis from Harrow Labour, based on research by Nationwide, reveals the staggering impact of the cost-of-living crisis for households in Harrow. More than 1 in five households have less than £100 spare each month – twice as many as two years ago.

The Nationwide research study highlights the significant increase in living costs for British families since 2021, including expenses like housing, food, energy, and fuel. Over one in five households now have less than £100 in disposable income each month due to rising costs.

The study found that 69% of family households are more worried about their finances in 2024 compared to the previous year. The average discretionary income for families has decreased from £328 in 2021 to £295 in 2022 and further to £237 by the end of 2023.

ADVERTISEMENT

In 2023, 22% of families had only £100 or less left as spare income each month, almost double the percentage in 2021. Additionally, the percentage of families with no money left at the end of each month increased from 11% in 2022 to 21% in 2023.

In Harrow, there are a total of 89,800 households. Among these, approximately 17,960 households, or 1 in 5, have less than £100 remaining at the end of each month.

Publishing the research, Labour’s Councillor David Perry (Leader of the Labour Group on Harrow Council) said, “The local cost-of-living crisis is still hammering families in Harrow. The national Conservatives are too busy in-fighting, and the local Conservative Councillors fail to speak out, the toxic combination of high tax, low growth, stagnant wages and rising prices, rents and mortgages has left local families with less money at the end of every month.

“This latest set of local data is of huge concern, therefore it’s time for change and to turn the page on more than a decade of Tory failure. It’s time for a General Election.”

Never miss another news story, subscribe to Harrow Online for FREE!