New research by the Resolution Foundation has revealed that one in five furloughed young workers have lost their jobs. The Foundation revealed that of the workforce overall, 17% of those in work before the pandemic were still not back in full employment, including those no longer working, those still furloughed or whose pay or hours…
The Government should commission a full review of the debt options available to people in financial difficulty in England and Wales, according to a new briefing from the Money Advice Trust. The charity says that action is needed to provide ‘robust and effective debt options that work within the new context of Covid-19’ – with…
Here is an overview of The Money Charity’s latest statistics for October 2020 Personal debt in the UK People in the UK owed £1,684 billion at the end of August 2020. The average total debt per household, including mortgages, was £60,526 and per adult was £31,972, around 111.5% of average earnings. Net mortgage lending rose by…
The Government is being urged to create a private-public taskforce to help the millions of people facing serious debt issues with Covid-19 pandemic continuing to cast a destructive financial toll on households across the UK according to personal insolvency provider Creditfix. The company says the taskforce is required as the nation braces itself for the…
Finance experts TotallyMoney have warned that those experiencing financial hurt due to coronavirus could see their credit scores suffer for six years as protections are taken away for over quarter of a million people still on payment holidays. A blanket end on 31st October to granting payment holidays on mortgages, credit cards, loans, and overdrafts…
Credit Connect Media has announced that the second edition of its Connected News series will take place on Thursday 26th November at 10am. The next discussion will focus on Customer Engagement. Speakers from Centrica and Business Stream will join supplier sponsor Aspect and Credit Connect to discuss the impact of the pandemic upon consumers and…
A new global and UK study by the Economist Intelligence Unit for information and insights provider TransUnion has overwhelmingly found the key to whether or not companies go out of business hinges on providing consumers friction-right digital transactions. More than eight out of 10 executives, both in the UK and globally said they believe smooth…
According to a recent study by The Aryza Group, 27 out of 29 of the country’s worst-affected Covid-19 pandemic areas are experiencing debt levels higher than the UK average. The results showed that COVID-19 is disproportionately impacting those in debt the hardest. Out of 29 of the worst-affected areas, 27 locations are collectively experiencing average…
Nearly a quarter of 18-24 year olds struggling to afford their household bills with one in 10 18-24 year olds expecting to be made redundant. Young people are struggling to cope with the financial burden the pandemic has placed upon them, according to new research by comparethemarket.com. The findings in the company’s Household Financial Confidence…
Debt charity, StepChange has announced that it has launched a new 12-month reduced payment plan for households temporarily affected by Covid. The company says that its new Covid Payment Plan (CVPP) is aimed at people who just need a bit more time and a bit more forbearance to get back to resuming full payments on…