People spent less on subscription services, home improvements and dating in February, analysis by Britain’s biggest building society shows.

Despite being the month of love, the volume of dating transactions fell by a third (33%) last month compared with February 2022, also falling by 7% by value, Nationwide Building Society found of its members’ outgoings.

Meanwhile, spending on subscriptions fell by 6% annually by volume and 3% by value.

The value of households’ spending on DIY also fell by 4% compared with February 2022, though the number of transactions increased by 3% annually.

The cutbacks were made as spending on several essential outgoings rocketed.

Compared with February last year, the value of spending on utility bills rose by around a third (34%).

Spending on mortgage payments jumped by 17%, rent payments were up by 11%, spending on loans increased by 8%, and spending on insurance increased by 7% annually by value.

Millions of mobile phone and internet users could be paying 17.3% more on their bills this time next week

Big shift in Bank of England thinking suggests economy showing signs of recovery

Big shift in Bank of England thinking suggests economy showing signs of recovery | Ed Conway

Nationwide’s monthly report analysed millions of debit card, credit card and direct debit transactions by its customers.

It comes as a survey of more than 2,000 people by Censuswide last month found that some two-thirds (63%) of people are worried about their personal finances and their ability to cover essential costs – slightly down on the 70% of people who said this in January.

Read more:
Mobile phone users could be paying 17.3% more on their bills this time next week
Big shift in Bank of England thinking suggests economy showing signs of recovery

It also showed that nearly a quarter (23%) of people said they had already reduced or cancelled TV subscriptions, with a further 14% considering doing so, the survey commissioned by Nationwide found.

In the past six months, nearly two-fifths (38%) had used credit cards to cover essential items in order to bridge the gap to their next payday.

Be the first to get Breaking News

Install the Sky News app for free

Mark Nalder, payments strategy and performance director at Nationwide, said: “Our research shows that while the number of people worried about their finances has fallen slightly, there are people relying on credit as a way of bridging the gap for essential bills.

“We’d urge anyone (who is) struggling to talk to their bank or building society as early as possible for support. We have a dedicated cost of living hotline to do just that.”

Related posts:

UK reports another 40 coronavirus deaths and 2,678 cases Prioritising COVID booster jabs over vaccinating children will ‘reduce deaths and hospitalisations’ Nearly 200 people fall ill with salmonella poisoning linked to pork scratching factory London retains second place behind New York in list of world’s best financial hubs BBC journalist Amol Rajan apologises for ‘rude and immature’ comments about royals Stranded British travellers face spending Christmas in COVID quarantine hotels ‘The system is so unjust’: Police should be compelled to tell truth by law, bereaved families say Rishi Sunak asks PM to refer him to adviser on ministers’ interests Migrant crossings double as more than 8,000 have made it to UK this year England’s all-time record women’s goalscorer announces her retirement ‘Her life has been stolen’: Family pay tribute to Basildon mum after police find body Man arrested on suspicion of murdering Elle Edwards in pub on Christmas Eve