UK: Aviva comments on new ONS Family spending data, 2016

16 Feb 2017

Pensions hold strong, despite falling economic confidence

Today's official data on family spending habits across the UK reports that the average weekly household spending has remained level at £528.90 in the financial year ending 2016. This stalling has been attributed to a slowdown in consumer confidence, despite a period of economic growth and a moderate rise in wages.

Looking beneath these headline figures it is encouraging to note that expenditure on pensions has remained solid. Across all households, weekly expenditure on pensions has hit a new high of £22.50. This equates to 4.25% of average weekly household spending, and is up from £21.60 in 2015. This level of expenditure is exceeded only by essentials such as food, housing and transport. It is almost three times the amount spent on alcohol (£7.80), three times the amount spent on TV subscriptions (£6.80), more than six times the amount spent on tobacco (£3.60), and seven times the amount spent on the internet (£3.10).

Commenting on the data, Alistair McQueen, Head of Savings and Retirement, said: 'At times of economic uncertainty and low consumer confidence, it is to Britain's credit that people continue to prioritise pensions. The pressures of today could easily outweigh the needs of tomorrow, and pension savings could be sacrificed. Today's data suggests that Brits are resisting these short-term pressures. This is good news for their and the country's long-term well-being.'

Ends

If you are a journalist and would like further information, please contact:

Aviva Press Office: Fiona Whytock: 07800 692 299 or fiona.whytock@aviva.com

Aviva's retirement spokesperson, Alistair McQueen, is available for comment/interview

Notes to editors:

https://www.ons.gov.uk/releases/familyspendingintheuk2016

Reported as 'Life assurance and contributions to pension funds' in the official data - Table A11.

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