// Disposable incomes have plunged 21.6% for the under 30s, according to the Asda Income Tracker
// Across all demographics disposable cash was slashed 16.5%, the second largest fall since the Asda Income Tracker launched in 2008
Asda has revealed that disposable income for the under-30s has fallen by more than a fifth compared to last year.
Shoppers spent 12.5% more on essentials last month, which now cost £774 per week on average. This means disposable income has been cut by 21.6% to just £150 per week.
Across all demographics, disposable income was slashed by 16.5% as soaring living costs eat into family budgets.
This was the second-largest fall since the Asda Income Tracker was first published in 2008. This means that households were on average £160.84 per month worse off compared to July 2021.
Customers are unsurprisingly concerned in this environment, with 89% of those surveyed stating they were worried about rising energy prices and 87% by the increase in inflation.
Asda, which has been rolling out its ‘Just Essentials’ value range, has recently launched an online ‘Essential Living Hub’, where customers can view a range of hints, tips and hacks to help them save energy, budget better, buy and cook smarter, entertain the kids for free and eat out without paying a penny.