Credit, Collections & Insolvency News
More than half (54%) of UK retirees expect to work longer than they would like, on average by seven years, highlighting a worrying gap between people’s desired retirement age and the adequacy of pension savings. In addition to that, over a quarter (27%) of those who have made retirement plans don’t feel that they would…
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2.3 million parents are unable to afford any activities for their children during the upcoming summer holidays according to research from responsible lender Creditspring. One in seven (15%) parents say their finances won’t stretch to cover any summer activities this year whilst almost one in five (17%) admit they are more worried about their finances…
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The cost of holiday childcare continues to rise hitting families’ financial resilience according to Coram’s annual Holiday Childcare Survey. The data showed that childcare prices increased this year by 6% since last Summer. A place at a holiday club now costs 2.5 times more than an after-school club during term time (£175 per week compared…
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New research by Hargreaves Lansdown (HL) has found that real disposable income is still lower than before the pandemic, but with consumers cutting spending it has found thatoverall financial resilience has improved. The research shows that the average household has £235 at the end of the month, over twice the pre-pandemic level of £110, and…
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Half (51%) of adults say that they have fallen out with a friend on holiday, with 54% of arguments triggered by disagreements about money, rising to 71% of 18-24 year olds. A sixth (16%) have even permanently lost a friend over money related holiday fall-outs, according to new research from Starling Bank. Three quarters (75%)…
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The winners of the inaugural 2024 Credit & Collections Industry Awards have been revealed. There were thirteen winners (four of which were partnership wins) from the fourteen awards categories which are covered by three main headings of Credit & Collections, Inniative & Innovation and Partnerships. The award winners were announced in a webinar after a…
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Research by financial technology company FIS has found that half of consumers surveyed said they are ‘obsessed’ with checking their banking apps and balances. FIS says that the research shows the widespread financial anxiety among consumers which has led to a phenomenon known as ‘financial doomscrolling’ – a term describing the excessive monitoring of account…
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Sluggish economic growth and economic shocks including the financial crisis and the pandemic mean increases in disposable incomes have been ‘slowing to a crawl’ since 2010, according to the Resolution Foundation. The think-tank says typical household incomes have risen by just £140 a year, with an increase of just 7% over the last 14 years.…
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Here is an overview of The Money Charity’s latest statistics for June 2024 Personal debt in the UK People in the UK owed £1,850.1 billion at the end of April 2024. The average total debt per household, including mortgages, was £65,143 and per adult was £34,487, around 97.0% of average earnings. Net mortgage lending increased by…
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The crisis of poverty in the UK has been exposed by two new reports, revealing the devastating impact of low wages and price increases on 900,000 children. The research by Trades Union Congress (TUC) has found that over the past 14 years, an additional 1,350 children per week in households with at least one working…
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Weekly wages have increased by just £16 in 14 years when inflation is factored in according to research from living-standards thinktank the Resolution Foundation. The research found that despite the welcome return of strong real wage growth in recent months, three shocks to pay packets in a little over a decade – the financial crisis,…
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Inflation has hit the Bank of England’s (BoE) target for the first time in almost three years. Prices rose at two per cent in the year to May, down from 2.3 per cent the month before, according to the Office for National Statistics (ONS)/ The figures follow a sustained period of high inflation in the…
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Latest data published by the Department for Levelling Up, Housing and Communities (DLUHC) show outstanding council tax arrears have reached a total of £6 billion as of 31stMarch 2024, a 9% year-on-year rise and an 71% increase since before the pandemic – the total outstanding arrears stood at £3.5 billion in 2019 to 2020. Over…
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