Households are Managing Better
The proportion of households reporting that they managed well financially had increased from 42% in 1999 to 56% in 2019.
The 2019 levels suggest a period of recovery following a dip between 2007 and 2012, which may be explained in part by the economic downturn during that period.
The proportion of households that did not manage well had decreased since 1999, from 13% to 8% in 2019, of all households.
The proportion of single parent households not managing well decreased from 34% in 1999 to 19% in 2019
There is Still a Gap in Managing Well Financially Between Income Groups
More households both in the lowest and highest income groups were reporting to manage well financially in 2019 than in 1999.
The proportion of households reporting to manage well financially in the highest income group increased from 66% in 1999 to 75% in 2019.
In the lowest income group, the proportion of households reporting to manage well financially increased from 28% in 1999 to 40% in 2019.
Over the last 20 years, the lowest income households were more likely to report that they got by alright financially, or that they did not manage very well and were having financial difficulties, when compared to the highest income households.
Higher income households are more likely to manage well financially
Managing Well Financially Still Differs by Age
The proportion of households managing well financially increased both for younger and older households, but older households were still more likely to report that they are managing well in 2019.
The proportion of young households, where the highest earner was aged 16 to 24, who manage well financially increased from 22% in 1999 to 50% in 2019. The proportion who did not manage well decreased from 31% to 11%.
The proportion of older households, where the highest earner was aged 60 or over, managing well financially increased from 45% in 1999 to 63% in 2019.
Half of young households (48%) reported that they managed well financially in 2019