The number of pensioners in poverty has now passed the two million mark, with Black and Asian older people most at risk of struggling financially in later life, according to analysis by charity, Age UK. The charity is working with the DWP to encourage pensioners on low incomes to see if they can receive a…
Latest figures from the Insolvency Service have indicated that personal insolvency numbers across England & Wales fell by 14% in May 2021. Personal insolvencies numbers fell to 8,482 when compared to April’s figure of 9,864, and were 38.7% lower than May 2020’s figure of 13,838. The figures show that there were 1,525 DROs and 718 bankruptcies.…
Scottish personal insolvencies figures continued to decline in May 2021 according to the latest figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland. The figures showed that there were 7,215 personal insolvencies in the 12 months to May 2021 (inclusive), 5,423 (42.9%) fewer than in the…
Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers increased in May. In May 2021 there were seven business insolvencies registered in Northern Ireland, 40% higher than in May 2020 but 83% lower than May 2019. This comprised of one compulsory liquidation and six CVLs.. There were no…
A new report has revealed that half of parents struggle to talk to their children about money. Blacktower Financial Management surveyed 1,500 UK parents to understand how parents talk to their children about money. The study reveals that too many mums and dads are neglecting their duty to educate their children about money matters. The…
Latest research figures from FICO have shown a 12 percent increase in credit card spending and more customers exceeding their card limit in April 2021, which shows the impact of the opening up of hospitality and retail. Missed payment numbers were still below historical trends, probably due to increased savings and government support, which continues…
Urgent changes to Universal Credit are needed to stop those most impacted by the pandemic from being left behind as the economy recovers, according to a new report from Citizens Advice. The charity warns that inappropriate or stressful job-seeking requirements, a lack of support with upfront childcare costs and rigid benefit rules for disabled people…
The Financial Wellness Group is calling for the public Individual Insolvency Register, and the publishing of personal details in the Gazette, to be abolished and be replaced with a private register, accessible only to those with a legitimate need to access it. The aim is to try and reduce the shame and stigma that many…
Low-paid workers are expected to face the highest risk of losing their jobs when the government’s furlough scheme ends in September, according to analysis by the Resolution Foundation. While the government’s coronavirus job retention scheme is widely believed to have prevented millions of job losses, economists are concerned that some jobs will still not be…