Latest data published by UK Finance has revealed that spending across debit and credit cards fell in October 2020 compared to the previous month, as additional social distancing measures were introduced across the UK. There were 1.7 billion debit and credit card transactions in the UK in October, a 0.4 per cent decline from September…

Household financial wellbeing declined faster at the end of 2020 than at any time during the five years prior to the Covid-19 pandemic, according to the Scottish Widows UK Household Finance Index (HFI). The headline seasonally adjusted index which measures households’ overall perceptions of financial wellbeing registered at 41.1 during the final quarter of 2020,…

Younger drivers more than twice as likely as older generations to have deferred car financing repayments in 2020 according to new research by Deloitte. The research, based on responses from more than 1,500 driving-age consumers in the UK, revealed that 27% of drivers aged 18-34 have requested a payment deferral on car financing in 2020,…

The coming year is set to mark the peak of the pandemic-induced living standards downturn for households, especially those on lower incomes, even as the economy enjoys a vaccine-induced recovery, according to new Resolution Foundation research. While the debate around the current economic crisis and recovery tends to focus on GDP, the annual Living Standards…

A new report by Lowell has revealed that 51% of households are expecting to be worse off financially due to Covid-19 – together with the fact that 93% of the UK had their pay date in December brought forward, meaning that 39% of households will struggle financially (an increase of 32% from last year). Longer…

Personal insolvencies increased by 2% to 9,518 in December 2020 when compared to November’s figure of 9,328, and were 13.4% higher than December 2019’s figure of 8,391. Further analysis of the data on personal insolvencies has revealed a 38% increase in England and Wales over the last three months compared to the same quarter in…

Scottish personal insolvencies in December 2020 fell by almost a third when compared with December 2019 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that in December 2020 that there were 9,070 personal insolvencies in the calendar year 2020, 4,542 (33.4%) fewer…

Nearly a third of people (34%) organising a funeral for a COVID-19 related death has been pushed into financial difficulties according to Sunlife’s ‘Cost of dying’ report. The report also reveals that funeral costs have risen for the seventeenth year in a row, with the average cremation now costing £3,885 and the average burial £5,033,…