The Financial Position of British Households: Evidence from the 2008 NMG Research Survey

9 Pages Posted: 21 Dec 2008

See all articles by Tomas Hellebrandt

Tomas Hellebrandt

Bank of England

Garry Young

National Institute of Economic and Social Research

Matt Waldron

Bank of England

Date Written: December 15, 2008

Abstract

The financial position of British households has been affected by a number of developments over the past year, including sharp fluctuations in food and energy bills, falling house prices and tighter credit conditions. Evidence from the latest survey of households, carried out for the Bank by NMG Research in late September and early October, shows how these and other changes have impacted on household budgets and spending decisions. The typical household reported that the income it had available after meeting household bills had fallen over the past year and that it had saved less than it had expected. Some households had been put off spending by tighter credit conditions, and more households were finding their debts to be a burden than in similar surveys carried out since the mid-1990s. But despite the greater pressures on household finances, only 3% of the households surveyed had so far fallen behind on bill or debt payments. Lower house prices had reduced the housing equity of homeowners.

Suggested Citation

Hellebrandt, Tomas and Young, Garry and Waldron, Matt, The Financial Position of British Households: Evidence from the 2008 NMG Research Survey (December 15, 2008). Bank of England Quarterly Bulletin No. Q4, 2008, Available at SSRN: https://ssrn.com/abstract=1318181

Tomas Hellebrandt

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Garry Young

National Institute of Economic and Social Research ( email )

2 Dean Trench Street
Smith Square
London, SW1P 3HE
United Kingdom

Matt Waldron (Contact Author)

Bank of England

Threadneedle Street
London, EC2R 8AH
United Kingdom

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