| ESSENTIAL SPEND (March 2022) | ||||||
| Spend category | Total spend in March 2022 (£) | % Change vs Feb 2022 | % Change vs March 2021 | Total transactions (March 2022) | % Change vs Feb 2022 | % Change vs March 2021 |
| Childcare | 3,447,708 | 26% | 89% | 133,623 | 25% | 101% |
| Debt | 592,454,100 | 21% | 16% | 3,101,600 | 14% | 2% |
| Discount stores | 95,206,907 | 18% | -4% | 4,604,547 | 17% | 8% |
| Fuel/electric vehicle charging | 289,622,948 | 16% | 56% | 9,667,477 | 12% | 24% |
| Insurance | 241,968,990 | 14% | -3% | 5,059,443 | 7% | -5% |
| Mortgage payments | 169,916,574 | 4% | 1% | 284,651 | 4% | -3% |
| Motoring | 237,451,123 | 20% | 27% | 1,630,310 | 10% | 3% |
| Pets | 45,491,656 | 14% | 8% | 992,585 | 10% | 7% |
| Rent payments | 17,978,003 | 3% | 4% | 80,461 | 3% | 3% |
| Supermarkets | 974,395,716 | 15% | -1% | 54,847,346 | 17% | 18% |
| Travel | 111,801,890 | 19% | 212% | 11,688,661 | 16% | 154% |
| TV, phone & broadband | 273,198,891 | 18% | 0% | 8,164,710 | 19% | 3% |
| Utilities & Bills | 425,802,231 | -3% | 10% | 5,957,449 | 0% | 0% |
| TOTAL | 3,478,736,736 | 13% | 11% | 106,212,863 | 15% | 20% |
Ways to pay:
The number of transactions being made using a credit card has risen 29 per cent in March compared to the same period last year as the rising cost of living perhaps leads to people needing to turn to credit. The increased number of these transactions led to a 31 per cent increase in the total amount spent.
The boom in mobile contactless as a payment method that started during the pandemic continued to play out, rising 21 per cent compared to the previous month and 154 per cent year on year.
| WAYS TO PAY (March 2022) | ||||||
| Total spend in March 2022 (£) | % Change vs Feb 2022 | % Change vs March 2021 | Total transactions (March 2022) | % Change vs Feb 2022 | % Change vs March 2021 | |
| Debit card | 5,179,610,393 | 18% | 18% | 175,244,886 | 15% | 35% |
| Credit card | 731,810,296 | 17% | 31% | 14,136,186 | 16% | 29% |
| Card contactless2 | 989,796,663 | 15% | 67% | 73,189,291 | 16% | 47% |
| Mobile payments3 | 418,401,942 | 19% | 165% | 35,622,597 | 21% | 154% |
| Direct Debit | 2,183,133,234 | 11% | 8% | 27,703,878 | 9% | 0% |
| TOTAL | 8,094,553,923 | 16% | 16% | 217,084,950 | 15% | 29% |
Mark Nalder, Head of Payments at Nationwide Building Society, said: “Following a slight dip in spending in February, March saw strong growth in overall spending as a result of 25 million extra transactions made during the month.
“Our data shows non-essential spending reached its highest level so far this year, which may come as a surprise given the continuing issues around the rising cost of living. However, after two years of enduring a pandemic, the combination of removed restrictions and longer days, our data indicates that people are making the most of the freedoms in 2022, whether that’s home or away.
“March also saw a significant increase in spending on charities. It’s perhaps no surprise that this has coincided with the conflict in Ukraine as people have looked to donate money to support Ukraine and the humanitarian effort.
“However, the spectre of rising costs, such as fuel, food and energy, remains and is clearly starting to bite. And with the energy price cap coming into effect in April, we can expect to see further pressure in this area going forward.
“With the current and expected future pressure on household finances, we would urge anyone who is worried about their finances to get in touch with their bank or building society to see what can be done to help them get through what might be a difficult time. We need to be conscious of how costs can creep up on us and prepare for how we might deal with them in the short, medium and potentially long term.”
