Household costs ‘up 12% in two years’

Finances are being tightened and debt management woes are mounting across the country, while the average household running cost now amounts to £11,035 each year, Sainsbury’s Bank research suggests.

Essential expenditures for many people such as energy supplies and mortgage repayments have been rising steadily over the last two years, at an average increase of around £3.28 per day, the new study reveals.

Robert O’May, home insurance manager at Sainsbury’s Bank, said: “It’s becoming more expensive to run a home, which makes it all the more important for homeowners to shop around to make sure they are getting the very best deals available.”

It was established recently by an Alliance & Leicester report that consumers aged in their early 30s face a higher average debt management mountain than any other age range in the UK.