The period was marked by the lingering effects of Covid-19, the Ukraine war’s impact on energy prices, persistent inflation, and rising interest rates. Despite facing these challenges, many households demonstrated resilience by adjusting their spending habits.

However, research conducted this year suggests a reluctance to anticipate any relief in the near future. A significant proportion of UK adults expect their expenses for housing, utilities, food, mobile and broadband, transport, and clothing to remain unchanged or even increase in the coming years.

Adding context to this morning’s ONS family spending data, Kevin Brown, savings specialist at Scottish Friendly, said: “The ONS data on family spending from April 2022 to March 2023, published this morning, is eye-opening.

“Seeing how households responded to being in the long shadow cast by Covid, burdened by an energy crisis brought about by the war in Ukraine, whilst contending with sticky inflation and rising interest rates raises important questions about financial resilience.

“These were events and mounting costs over which families had no control, other than what they prioritised and where, if they were able to, they would make cuts.”

Mr Brown continued: “Along the way, the cost-of-living crisis was renamed a ‘squeeze’. Over a year on from when the ONS data was recorded, a great many family budgets are still in the grip of that squeeze.

“And yet our own research conducted this year shows a reluctance to think that by 2025 there will be some let up, or indeed to accept that next year the grip of that squeeze may well have tightened.

“Three out of 10 UK adults (31%) expect there to be no change to what they spend on housing and utilities next year.

“Over a third (37%) believe they will still be paying what they pay now on food.

“Four out of 10 (41%) believe their mobile and broadband outgoings will remain the same as they are now.

“Just under half (45%) expect there to be no change to the cost of transport or clothing.

“When it comes to building greater financial resilience that enables us to weather whatever life throws at us next, acknowledging the potential for future challenges is key. For many people, it seems, that itself is too big a challenge right now.”