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Only 14% of Welsh households make a weekly budget for household finances, while only 38% make a monthly one. Both figures are the lowest of all regions across the UK, according to research by insolvency trade body R3 and ComRes.
The picture in Wales doesn’t fully reflect national trends which show that 20% of Britons make a household budget at least weekly, while 47% of Britons make one at least monthly.
Despite a lower propensity to budget among Welsh households than across Britain as a whole, the proportion of Welsh adults who say they often struggle to make it to payday (9%) is in line with the figure for all Britons (9%).
Alan Bennett, R3 chair in Wales and partner at Ashfords LLP, said:
"The figures suggest that some Welsh households may find they would benefit from a weekly if not monthly budget in order to help alleviate their financial struggles leading to payday. Even with the best of intentions, without noting outgoings and incomings, people can soon lose track of their spending – often by spending little but often. Many will have been reviewing their finances since the recent Budget, so now is as good a time as any to put some household budgets in place."