Here is an overview of The Money Charity’s latest statistics for March 2023 Personal debt in the UK People in the UK owed £1,837.4 billion at the end of January 2023. The average total debt per household, including mortgages, was £65,434 and per adult was £34,546, around 105.2% of average earnings. Net mortgage lending rose by…
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For the first time household debt has risen to over £2 trillion, which is almost the equivalent to the UK’s GDP. The fresh findings, from PwC’s Strategy& UK Consumer Credit Confidence report, also shows that UK consumers struggle to answer basic financial multiple choice questions. This is despite 88% of consumers reporting that they felt…
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Analysis by Legal & General shows that the cost-of-living crisis has hit the poorest households hardest, deepening existing economic inequalities. The firm’s Rebuilding Britain Index shows that 95% of working UK households have experienced a real terms pay cut over the last 12-months. The report finds that the cost of living crisis has hit the…
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Inflation and rising bills mean households are spending 12% more on essentials than they were a year ago, with almost four in 10 people having to use credit cards to cover these costs, research by Nationwide Building Society data shows. The monthly Spending Report analysed around 208 million debit card, credit card and Direct Debit…
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New Government research has found that over 94,000 prepayment meters were forcibly installed in homes under warrant last year without customer consent – on average over 7,500 meters a month. After calling on suppliers to stop forcibly installing prepayment meters, the Energy Security Secretary Grant Shapps has now revealed the most overzealous suppliers, as part…
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The Bank of England has raised interest rates for an 11th consecutive time to 4.25% following the surprise rise in inflation. The Monetary Policy Committee (MPC) voted for this change by a majority of 7-2, with the minority vote wishing to keep the rate at 4%. Commenting on the rise, Paul Broadhead, Head of Mortgage…
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The cost of living crisis looks set to deepen generational financial inequality as Gen Z and millennials are four times more likely to need to take on new debt this year to meet rising costs according to research by Credit Karma The research found that nearly three quarters (70%) of UK currently use credit, holding…
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The Department for Work and Pensions has published new figures which show that the number of people living below the poverty line in working households is 1.5 million higher than in 2010. Commenting data, TUC General Secretary Paul Nowak said “If you work hard, you shouldn’t have to worry about making ends meet. But working…
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New data from FICO has revealed that there was a 13.6 per cent rise in customers missing two credit card payments from December 2022 to January 2023. The figures also that accounts missing one payment fell by 0.7% in the same period. Average total sales per card down 8 percent compared to December 2022 at…
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Figures from the Office for National Statistics (ONS) show inflation rose more than expected last month to hit 10.4%, up from 10.1% in January. Economists had predicted a slight drop to 9.9%. The rise was driven by a continued rise in food costs, which increased by 18.2% in the year to February, the fastest rise…
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Two in five (41%) young adults are worried about their ability to pay household bills at a time when many costs are set to rise over the coming months, according to Comparethemarket’s latest Household Financial Confidence Tracker. As the cost of living has risen over the past 12 months, 44% of 18 to 24-year-olds feel…
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One in five (22%) homeowners planning to remortgage this year are borrowing more money to consolidate their debts according to research by Uswitch. The research found that well over a third (39%) of people are planning to borrow more money when they remortgage. The over 55s are the most likely to borrow more money when…
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New YouGov polling by StepChange Debt Charity has revealed the state of household finances over a year into the cost of living crisis, with people imminently facing higher council tax, less support with energy bills and increased rent or mortgage payments. StepCange says that the survey examines the toll that the cost of living crisis…
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