Credit, collections & insolvency news
GfK’s consumer confidence index has fallen by one point from -20 in September to -21 in October, the lowest reading since March. The fall is thought to be due to anxieties over potential tax rises at the Budget next week outweighing optimism over falling inflation. However, GfK’s major purchase index rose by two points to…
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After purchasing their first home, one in 10 (10%) first-time buyers expect to have less than £200 left each month, while one in 20 (5%) believe they would have nothing at all to live on, according to Yorkshire Building Society. A further two-thirds (64%) are worried they won’t be able to afford to put any…
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New Age UK analysis reveals that shockingly high numbers of pensioners living below or just above the poverty line – 82% or four in every five are set to lose their Winter Fuel Payment (WFP) as a result of the Government’s policy change. This includes huge numbers of older people who are aged over 80, disabled,…
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New data from Barclays has shown that consumer card spending increased 1.2 % year-on-year in September, after returning to growth in August, but remained lower than the latest CPIH inflation rate of 3.1 %. Non-essential spending saw its highest growth so far this year, at 2.7 %, as retailers’ discounting incentivised shoppers. Several retail sub-categories…
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New research by Aegon has shown that younger generations of adults may no longer be able to rely on the so-called ‘Bank of Mum and Dad’ as patterns of wealth across generations evolve. The trend of 20- and 30-year-olds being financially supported by their parents is set to go into reverse – as a clear…
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7.7 million households in England are at risk of fuel stress this winter, including the majority of families with children. The Government will therefore need to do more to support vulnerable households who are no longer eligible for Winter Fuel Payments (WFP) and those who never have been, according to new research published by the…
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According to Compare the Market’s latest Household Financial Confidence Tracker, over one in ten (13%) admit they are not confident in their ability to meet their mortgage repayments over the coming months. 57% of mortgage holders say they are unlikely to switch their mortgage to a new deal while rates remain at current levels. By contrast,…
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New research released by KPMG has provided insight into whether consumers would reduce some of the buying and saving behaviours that have become more prevalent during the cost of living crisis, if they had more disposable income available to spend. KPMG’s research was keen to explore whether consumers would still continue the same actions, even…
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Local leaders have outlined the stark challenges that must be overcome to tackle child poverty in their communities. Liz Kendall, the Work & Pensions Secretary, and Bridget Phillipson, the Education Secretary, heard powerful testimony from representatives from some of the worst affected areas in the country, including the North East Mayor Kim McGuinness, to ensure…
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Almost two in five (37%) 18–24-year-olds who are already in debt are struggling to pay it off, according to a two year-study by Fair4All Finance. The research found that over the last year, 29% of 18–24-year-olds say they have taken on more debt, and a worrying 22% say they have had an application for a…
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Half of adults have cut back spending on two or more essentials, including energy, water, broadband and car insurance, in the last year according to latest research by the Citizens Advice. The data has also revealed that people are in the dark about almost £2 billion of available financial support. Social tariff schemes, which reduce…
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New research by SunLife has found that millions of people could be left struggling to achieve a ‘minimum’ standard of living if the state pension age rises earlier. The research found that 24% of retirees are living on the state pension alone. If the state pension age were to rise to 68 earlier, millions could…
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The Bank of England has published its inflation attitudes survey for August showing that people thought the inflation rate was 5.2%. In July it was 2.2%. The survey also showed that 55% of people said the interest rate on mortgages, loans and savings had risen over the past 12 months. In reality, the average 2-year fixed…
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