Asda has released its latest UK Income Tracker, which shows that household disposable incomes fell in every UK region during the fourth quarter of 2022, compared with the same period a year earlier, showing that no areas of the country are immune from the cost of living crisis.
The Asda Income Tracker measures disposable income after the average UK household has had taxes subtracted from their income and bought essential items such as groceries, electricity and gas.
According to the tracker, households in the South East saw the biggest fall in disposable income – down by £44 per week (24% year-on-year) – from a weekly average of £230 in the fourth quarter of 2021 to £186 in the fourth quarter 2022.
Northern Ireland Sees Largest Fall
The research shows that families in Wales and Northern Ireland also experienced a significant decline in disposable income as rising living costs continue to disproportionately impact the devolved nations.
Northern Ireland saw the largest fall in percentage terms, with disposable incomes declining by 27.6% year-on-year to an average of £93 per week in the fourth quarter, a figure which represents a seven-year low.
In Wales, household disposable incomes were 15.9% down in the fourth quarter compared to a year earlier, averaging £170 per week – the lowest level since 2017.
Asda claims it has launched a number of different initiatives to fight the cost of living crisis. This includes a new plan where customers can cook seven evening meals for a family of four for under £20 (€22.69), using ingredients from its award-winning Just Essentials value range.
According to the retailer, a typical meal can come in at as little as £2.10 (€2.38) per meal for four. This includes dishes such as Tuna and Tomato Pasta, Bacon and Pea Frittata, Chicken Stew and Rice, Chicken Pasta, Fish Pie, Fish Biryani and Sausage and Mash.