Here is an overview of The Money Charity’s latest statistics for September 2020

Personal debt in the UK

  • People in the UK owed £1,681 billion at the end of July 2020.
  • The average total debt per household, including mortgages, was £60,403 and per adult was £31,907, around 114% of average earnings.
  • Net mortgage lending rose by £2.67 billion in the month, while net consumer credit lending rose by £0.811 billion
  • Citizens Advice Bureaux across England and Wales answered 352,669 enquiries in July 2020, 18.7% down on July 2019.

Spending and Loans

  • On average, 52.8 cash machine transactions (including balance enquiries and rejected transactions) were made every second in August 2020, a fall of 37.2% on August 2019.
  • The number of ATMs (in-branch and remote) fell from 63,160 at the end of 2018 to 60,662at the end of 2019 (a fall of 4.0%)
  • In Q3 2019, households in the UK spent £109 million a day on water, electricity and gas, or £3.93 per household per day.
  • UK Finance figures show that 54.9% of credit card balances were bearing interest in June 2020

Mortgages and Rent

  • Outstanding mortgage lending stood at £1.473 trillion at the end of July 2020.
  • The average mortgage interest rate was 2.16% at the end of July 2020. Based on this, households with mortgages would pay an average of £2,903 in mortgage interest over the year.
  • HM Land Registry reports that the average house price for first-time buyers in Great Britain was £200,028 in July 2020, an annual increase of 3.4% and a monthly increase of 2.7%.
  • According to the Office for National Statistics, private rental prices in the UK rose by 1.5% in the 12 months to August 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+.
  • Low-income people pay a ‘poverty premium’ in buying their goods and services of £256-£490 per year, according to the Social Market Foundation.

The full report can be found here.