Credit, Collections & Insolvency News
New research from Citizens Advice has found that over 13 million people (26% of UK adults) have accidentally taken out a subscription in the last 12 months. These subscriptions cover services from fitness apps to food delivery services, and repeat pet food to magazine subscriptions. The charity is warning that the problem of subscription traps…
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Women are suffering the most in the financial squeeze, according to the latest figures from credit management group Intrum. A survey of 20,000 consumers across Europe shows that people are spending more of their income on essentials than they did in the past. Banks recommend following the 50-30-20 rule, suggesting an allocation of half income…
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New research by Lowell has found that nearly a third (30%) of adults in the UK don’t know how much debt they owe. The research showed that currently, the average total debt per UK household stands at £57,910 and searches for ‘how to become debt free’ have increased by 140% in the last month alone.…
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Almost half (41%) of people aged 50 and over who are not yet fully retired are concerned about living in economic hardship after they stop working, according to new research by the older people’s financial hardship charity Independent Age. According to latest figures, 18% of people aged 60-64 are living in deep poverty. If governments…
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An estimated 16 million adults saw less of their friends and family during the cost of living crisis, Which? warns, putting many people’s mental wellbeing at risk according to a survey by Which? The survey found that three in 10 (31%) said they saw less of friends and family due to financial pressures during the…
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Research by Rathbones Group has found that nearly one in three (30%) saw their personal wealth fall as a result of their break-up in the past 10 years, while more than a quarter (26%) became wealthier after divorce. The independent study found a third (33%) of men who got divorced in the past decade emerged…
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Ongoing financial strain is taking an increasing toll on the health and wellbeing of the nation, with almost half of UK adults saying their mental and physical health has suffered because of their financial situation in the last year, according to new research from St. James’s Place (SJP). As the UK slips into recession, around…
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While recent high inflation, the cost-of-living crisis and economic volatility have put real pressure on many people’s finances, research from NextWealth’s Managing Lifetime Wealth report, sponsored by Aegon, has found a deeper concern among retirement clients: the fear of outliving their savings. The research, found that 71% of advisers reported the number one retirement worry amongst clients is…
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The ‘squeezed middle’ has been labelled the ‘precarious middle’ with those on middle incomes struggling to save, and more likely than before to be in insecure jobs and insecure homes. For single parents, the problem is particularly acute, with those who are in work more likely to be in insecure work than not according to…
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A new Citizens Advice Scotland (CAS) report has found that over 660,000 people cite debt as impacting their mental health.Analysis of polling from research company YouGov suggests around 665,148 of people in Scotland have seen their mental health and wellbeing affected by debt. CAS Financial Health spokesperson Sarah Jayne Dunn said “There is a clear…
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Almost half of motorists (47%) would feel “anxious and financially stressed” by an unexpected £1,000 car repair bill, new research from the RAC Dealer Network shows. In a sign of the impact of the cost-of-living crisis, the percentage has increased from 37% compared to the last time the organisation asked this question in 2021. Almost…
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Over 11.5 million, or four in ten (39%), financially vulnerable people, have no option but to turn to credit to afford everyday expenses, over double the UK average (15%) according to research by analytics firm Fuse. Three in ten (28%) also say that they are reliant on credit to pay for their mortgage or rent…
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The demand for online money help has surged by 34% in the first week of 2024, the Money and Pensions Service (MaPS) has confirmed. Total visits to MoneyHelper’s Money Troubles pages hit 10,187 in the first week of January this year, rising from 7,625 during the week up to Christmas Eve. January 1-7 also…
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