Here is an overview of The Money Charity’s latest statistics for January 2024 Personal debt in the UK People in the UK owed £1,847.6 billion at the end of November 2023. The average total debt per household, including mortgages, was £65,795 and per adult was £34,737, around 100.5% of average earnings. Net mortgage lending decreased by…
Read more
The vast majority of those likely to be approaching, or in, retirement lack confidence and critical knowledge about key aspects of their retirement finances, spelling potential uncertainty ahead for thousands of retirees, according to new research from Standard Life, part of Phoenix Group. Standard Life’s Retirement Voice study, conducted among 6,000 consumers, found that only 9% of…
Read more
Latest research by Money and Mental Health Policy has found that homeowners with mental health problems are more likely to have cut back on food, energy and other essentials to keep up with mortgage payments, and are also at greater risk of falling behind on mortgage bills compared to other homeowners. While many mortgage holders…
Read more
Around 1.8 million taxpayers will turn to overdrafts this month to pay unexpected self-assessment tax bill amounts, according to research from Royal London. Income tax receipts are expected to soar by around £35 billion by 2028/29 thanks to the phenomenon of fiscal drag, where rising incomes and frozen tax thresholds tip greater numbers of workers…
Read more
The number of consumers living in households that are in debt to their energy supplier has exceeded 5.3 million households, Citizens Advice has revealed. The survey also revealed that more than two million people across will self-disconnect this winter because they cannot afford to top up their prepayment meter (PPM). Citizens Advice is warning that…
Read more
A new survey for StepChange Debt Charity, carried out by YouGov, has found that one in two people in Scotland (47%), equivalent to 2 million people, are worried about their financial situation. The research also found that two in five (42%) people in Scotland, around 1.8 million, think their household financial situation will get worse…
Read more
One third of adults in the UK will run out of money by the end of January, a new survey by Credit Karma has found. The research said that by 20th January, 56% of adults will have spent their entire monthly income, due to higher winter bills and financial strain from Christmas expenses. As a…
Read more
Latest Bank of England data has highlighted that mortgage defaults and missed payments on credit cards and loans both surged at the end of the year, and are expected to keep rising. Missed credit card and loan payments, as a percentage of balances, are higher than they have been for at least five years with…
Read more
New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 6% in November 2023. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
Read more
Two years of the cost of living crisis has caused a 50% rise in the number of people who are pessimistic about their financial future, according to new figures released today by StepChange Debt Charity. The research indicates a difficult year ahead for people’s finances, as more than two in five adults (43%), around 22…
Read more
The UK’s poorest people now owe twice as much to energy suppliers as they did during the 2022 energy crisis, according to figures from management consultancy Baringa. Barings says that an energy bill price spiral where customers increasingly default on debts, leads to costs being passed onto others in the form of higher bills, further…
Read more
Four in ten local authorities in England are at risk of going bust over the next five years, according to analysis by Grant Thornton. Since 2021, six councils have issued section 114 notices, meaning they have declared themselves effectively bankrupt with Grant Thornron suggesting that 40% of councils at risk of financial failure over the…
Read more
According to a new survey from Nationwide, 84% of people expect this January to be the toughest yet financially due to Christmas spending added to debt from the cost of living crisis. More than half (52%) believe January is the time of year that causes the most financial stress. While 51% blamed Christmas spending for…
Read more