Asda has revealed that under 30s have been hit with a 21.6% drop in disposable income since last year as the UK sees a spike in essential spending.
As costs of groceries, rent and transport rose by 12.5% year on year to £774 in July, those within this age bracket were left with £150 a week once taxes and essential bills were deducted.
This data shown within Asda’s latest Income Tracker found that the average household disposable income fell by £40.21 per week last month, resulting in the second largest decline since the tracker was first published in 2008 at a drop of 16.5% year on year across all age demographics.
READ MORE: Asda confirms on track to be net zero carbon by 2040
Following the continuing cost-of-living crisis, the Big 4 grocer‘s Mindset Tracker revealed 87% of customers are worried by increasing levels of inflation which has risen above 10%, its highest rate in 40 years.
In a bid to help its customer’s during the crisis, Asda launched its ‘Essential Living Hub’ in July which looks to provide tips on saving and budgeting, including how to cook smarter, entertain kids for free and eat out without spending any money.
The retailer also introduced its ‘Just Essentials’ budget grocery range in May which has since seen more than 220 products available across its stores.
However, this range has recently come under fire for its bright yellow branding, which some claim acts as a ‘poverty marker’, drawing unwanted attention to those buying the cheaper products.
This news comes as Asda’s chairman Stuart Rose has berated Boris Johnson over the government’s response to the cost-of-living crisis.
Click here to sign up to Grocery Gazette’s free daily email newsletter
