Credit, Collections & Insolvency News
New research from SunLife has reveals that seven in ten (73%) over 50s have private pensions, rising to 75% in the South West, 76% in the South East and 83% in Northern Ireland, in the North West 30% of over 50s have no private pension savings at all. Average incomes in the region are also…
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Nearly one in four UK adults (23%), around 12.5 million people, have no savings to fall back on in a crisis, according to new research from StepChange Debt Charity. Four in five (78%) of those with no rainy day savings say they find it difficult to keep up with living costs. As cost of living…
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New research from the LSB (Lending Standards Board) has revealed significant disparities in customers’ experiences across financial services providers’ ‘webchat’ services – including key differences in experience between webchats supported by AI tools and by humans. The LSB’s study, carried out by ESA Retail, was conducted via 190 mystery shopping customers, who were asked to…
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The annual cost of household bills has risen by £112 on average year-on-year, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills has risen by 2% on average, compared to 12…
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New research Deloitte by has found that early half (49%) of Gen Zs and 43% of Millennials in the UK say they feel stressed or anxious all or most of the time, up slightly from last year’s figures of 47% and 41% respectively. Of those who feel this way, 41% of UK Gen Zs and…
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Latest Bank of England data has shown that net borrowing of mortgage debt by individuals increased sharply by £9.7 billion to £13 billion in March, following a decrease in net borrowing of £1.0 billion to £3.3 billion in February. The annual growth rate for net mortgage lending rose from 1.9% to 2.7% in March, the…
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A consumer confidence survey by Deloitte has shown that consumer confidence remained flat in the first quarter (Q1) of 2025. The data showed a marginal 0.3 percentage point increase, this marks a second consecutive quarter of stalled confidence following a two-year period of improvement. A seasonal boost in sentiment towards general health and wellbeing (+3.8…
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The average household spends £216 on monthly debt repayments, excluding the mortgage, according to research by Hargreaves Lansdown. Among the top 5% of earners, this rises to £384 and £1,065. The data also showed that those with mortgages spend an average of £748 on top of this. Almost one in ten households (8%) are in…
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As the new tax year begins in April, the outlook for living standards is historically bleak as British households face a triple-hit from higher taxes, utility bill increases, and benefits that aren’t keeping pace with the cost of living – leaving the typical working-age household £400 worse off this financial year, according to new analysis…
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As the unemployment rate hits 4.4%, its highest rate since 2021, new data from Best Insurance has revealed that workers are growing increasingly concerned about their job security over the next 12 months, with one in four (26%) concerned they will lose their job in the next year. Amongst Gen Z this rises to almost…
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The combination of a weak economic outlook and benefit cuts that fall disproportionately on lower-income families means that living standards are on track to fall over the next five years for the poorest half of households by £500 on average, according to the Resolution Foundation’s overnight analysis of Spring Statement 2025. Key findings include: A…
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A new survey by Ocean Finance has found that 73% are worried about affording their essential bills this Spring. Millions of households across the UK are set to be hit with yet another wave of bill increases this April, with hikes expected across council tax, broadband, water, energy, and phone contracts. 42% say they’ve already…
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A new study by Go.Compare has revealed that an estimated 6.6 million people now rely on their credit cards to pay everyday bills such as groceries and utilities. In total, 17% said they need their card to afford their bills, with 13% stating that the cost of living crisis is the reason for this. This…
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