Credit, Collections & Insolvency News
Almost half of parents (46%) say they’ll prioritise their children’s Christmas experience over every other area of household spending this year, according to new research from Thinkmoney. After another year of rising prices and stretched budgets, many families are determined to keep the festive magic alive, even if that means cutting back elsewhere. Nearly a…
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New data from the Vanquis Financial Wellbeing Index has shown that these people lack the confidence to have children or grow their families, with many taking on second jobs and cutting back on non-essentials to cope financially. The report shows that only 14% of householders earning under £40,000 feel confident in their ability to afford…
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New research from financial wellbeing provider Money Wellness found that 22% of higher earners (those earning between £35,000-£54,999) feel uncomfortable talking about money, almost double the 12% of lower earners (earning £17,000 – £34,999) who feel the same. Despite the discomfort, financial struggles affect all kinds of households. Nearly one in five (18%) say they’re scarcely…
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Most people wait until their money worries reach tipping point before asking for help, according to new research by Lowell, finding that nine in ten people delay seeking help until their financial situation becomes critical. The study, conducted by Lowell to mark Talk Money Week, found that only one in ten people seek help at…
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Lloyds Banking Group research has shown that more than 28 million (56% of UK population) adults are now turning to Artificial Intelligence (AI) to help manage their money. ChatGPT is referenced as the most popular platform, used by six out of ten. With more than half of people who use AI employing it for budgeting,…
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New research commissioned by TopCashback has revealed that one in seven (14%) people will be celebrating this Halloween, but not dressing up to cut back on costs. The survey highlights that among those skipping costumes this Halloween, 59% say they’re doing so to save money. Other reasons include wanting to save time (20%) and to…
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Latest data from Barclays has shown that spending on mortgage and rental payments rose by 7.3 per cent year-on-year in September, the highest increase since February. Amid the Bank of England base rate being held at 4 per cent in September, and rising costs, confidence in the housing market has also decreased slightly from 29…
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Consumer confidence has risen by two points in the past month, according to latest figures by GfK. The figures still leave the index in negative territory with consumer confidence at –17, but expectations for the general economy over the next 12 months increased by two points. There was also an increase in consumers purchasing big-ticket…
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The ONS has published details of living arrangements, highlighting that 60.5% of the adult population were married or cohabiting in 2024. The data showed that a quarter (25.1%) of those aged 16 to 29 years lived in a couple, compared to over 70% of those aged 30-64. Meanwhile, 36.8% of people had never married or…
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Renters are left with just an average of £440 of disposable income each month after paying for bills and essentials—almost half the £872 reported by homeowners. Yet despite tighter budgets, renters are more proactive in managing their money, with 27% checking their credit score monthly compared to just 20% of homeowners, according to new research…
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The weakening jobs market is finally affecting pay packets, with wage growth in the private sector slowing sharply over the summer according to the Resolution Foundation in response to the latest ONS labour market statistics. The number of payrolled jobs was little changed in August with a small rise of 10,000 compared to July and…
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Digital tools are transforming customer service across every sector, but don’t replace the value of human empathy when people face financial difficulties, according to new research from Lowell. Conducted to mark National Customer Service Week, the research found that 81% of respondents believe it is important to speak to a human when they have a…
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A joint study from credit management company Lowell and free debt advice provider Money Wellness has found that almost two-thirds (64.22%) of debt advice circulating on TikTok, Facebook, and Reddit is misleading, while an overwhelming 98.27% is unreliable. With over 10.1 million people in the UK currently over-indebted (FCA Credit & Loans survey), many turn…
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