Fifth of adults have missed a payment in last 12 months

One in five (18%) adults, the equivalent to 9.7 million people, have missed a payment in the last 12 months according to research from Bluestone Mortgages.

The missed payment includes utility bills or credit cards (both 7%), tax bills or loan repayment (both 5%). Additionally, 7% of those with a mortgage have missed a payment. 

Seven in ten (71%) of those who missed a credit card payment did so more than once. And of those who missed a utility payment, more than three-quarters (78%) missed more than one. 

The findings also reveal one in seven (14%) UK adults are too embarrassed to seek financial support should they need it, while 13% say they would not know where to begin.

More than one in ten (12%) would feel too embarrassed about the state of their finances and a similar amount (9%) would be worried about the impact on their credit score. 

Bluestone says that the research reveals a lack of awareness and understanding of the support options available. 17% of people are unaware that support from a financial organisation such as their mortgage lender or energy provider could help them in the event of financial hardship.

A further third (36%) are aware of the support but don’t know how it could help them.  

Bluestone Mortgages Head of Sales and Marketing Reece Beddall said “The mortgage industry has a key role to play in supporting those who are embarrassed to talk about their financial situation. For brokers, this involves creating a safe space for their customers to discuss their unique circumstances and any credit issues, while lenders should place greater emphasis on education to help increase people’s financial awareness. It’s our duty as an industry to signpost customers to the support options available to suit their unique circumstances.”