Credit, Collections & Insolvency News
A quarter (5.7 million) of the UK working age population don’t think they’ll ever be financially independent, according to Scottish Widows’ latest Retirement Report. The most commonly cited indicators for achieving financial independence included being debt-free (56%), having sufficient emergency savings (51%) and comfortably meeting daily expenses (43%). Looking at financial resilience, the data published by…
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New research from HSBC has revealed that three in four people (75%) consider financial compatibility essential. The nationwide survey of 2,000 adults explored how modern couples navigate finances – from dating apps to wedding vows – and the pressures, expectations and unspoken rules that come with spending in relationships. The impact of this silence is clear, with 58%…
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Gen Z is rewriting the rule book when it comes to overspending – from fashion to frappés or the glow of ‘glass skin’ to bingeing on Stranger Things, new research from Nationwide reveals. The research highlights that younger generations are prepared to invest in feeling good, brand identity and self-care – even if it means…
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The system of regulating water companies needs “a complete overhaul” as the sector hikes customer bills to expand failing infrastructure and tackle pollution, according to a new report by the Government’s Public Accounts Committee (PAC). The report says that the water system has been left to sink for too long, with hikes in customer bills…
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A new study by KidsKnowBest, has revealed that financial anxiety is not a distant adult concern, but a present reality for UK children aged 7-14. Nearly half (46%) children are worried about money and their future and one in four children (24%) are explicitly anxious about basic needs. More than half (55%) of respondents revealed…
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New data from Coram Family and Childcare’s annual Holiday Childcare Survey has found that childcare costs have gone up by 4% since last summer. The data shows that working parents face an average bill of £179 per child per week – £1,075 for the six-week break. Commenting on the data, Susannah Streeter, Head of Money…
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New research commissioned by debt resolution specialists, DCBL has found that more than half (51%) of people aged 55+ say apps now help them manage their money. The research also showed that over three-quarters (76%) say they would proactively manage their finances via an app or online portal if their bank or finance provider gave…
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Research by TSB has found that among the 31 per cent of people who have acted on financial advice on social media platforms, over half (55%) lost money as a result. The data found that over two-fifths (42%) of 16-24-year-olds reported having used social media to access financial advice in the past 12 months, followed by…
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A new report from the Resolution Foundation has found that the average UK household will see income grow by only 1 per cent, around £300, between 2025 and 2030, whilst the poorest families may see a 1 per cent decline in living standards. The Foundation says the outlook for living standards across Britain is bleak.…
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Almost a third of Gen Z (31%) and Millennials (28%) aren’t confident managing their current financial situation according to new research from the Investment Association. Money is a taboo topic for many with people more likely to discuss politics and current affairs (50%) than money and finances (29%) at the dinner table, according to new…
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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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