Here is an overview of The Money Charity’s latest statistics for January 2021

Personal debt in the UK

  • People in the UK owed £1,692.5 billion at the end of November 2020.
  • The average total debt per household, including mortgages, was £60,720 and per adult was £31,940, around 108.0% of average earnings.
  • Net mortgage lending rose by £5.68 billion in the month, while net consumer credit lending fell by £1.92 billion.
  • Citizens Advice Bureaux across England and Wales answered 280,126 enquiries in December 2020, 3.1% down from December 2019.

Spending and Loans

  • On average, 48.0 cash machine transactions (including balance enquiries and rejected transactions) were made every second in December 2020, a fall of 37.0% on December 2019.
  • The number of ATMs (in-branch and remote) fell from 63,160 at the end of 2018 to 60,662 at the end of 2019 (a fall of 4.0%)
  • In Q3 2020, households in the UK spent £119.7 million a day on water, electricity and gas, or £4.29 per household per day.
  • UK Finance figures show that 54.4% of credit card balances were bearing interest in October 2020.

Mortgages and Rent

  • Outstanding mortgage lending stood at £1.489 trillionat the end of November 2020.
  • The average mortgage interest rate was 2.12% at the end of November 2020. Based on this, households with mortgages would pay an average of £2,880 in mortgage interest over the year.
  • HM Land Registry reports that the average house price for first-time buyers in Great Britain was £209,163 in November 2020, an annual increase of 7.3% and a monthly increase of 1.2%.
  • According to the Office for National Statistics, private rental prices in the UK rose by 1.4% in the 12 months to December 2020.

Financial Inclusion

  • According to the FCA, in the UK in 2017 there were 1.3 million people who did not have a bank account. This was 3% of the UK adult population.
  • According to the 2019 Access to Cash Review, 2.2 million people use only cash in their daily transactions.
  • According to ONS, 1.11 million households did not have access to the Internet in Jan-Feb 2020. This included 20% of one adult households aged 65+.
  • Recent research by Turn2us and Fair By Design found that low-income households pay a ‘poverty premium’ in buying their goods and services of £478 per year.

The full report can be found here.