Credit, Collections & Insolvency News
Millennials are still bearing the ‘economic scars’ of the 2008 financial crisis and are struggling to catch up with the living standards of older groups while their new research shows from the Resolution Foundation has found. The research compares the fortunes of millennials – born between 1981 and 2000 – with their predecessors, including Generation…
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New research from Standard Life has found that almost one third of parents (30%) with children under 18 are finding their financial situation difficult, which compares to 22% of people without children. This comes during a second full year of high inflation, with the cost of essentials like food and household bills still outpacing income…
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Consumer card spending grew just 2.6 % year-on-year in October – noticeably less than the latest CPIH inflation rate of 6.3 % and the smallest uplift since September 2022 (1.8 %) as consumer’s concern over rising energy bills and outgoing costs ahead of the festive period hindered discretionary spending according to latest spending analysis from…
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Latest spending figures from the British Retail Consortium (BRC) have indicated that total retail sales increased by 2.5% in October, against a growth of 1.6% in October 2022. This was below the 3-month average growth of 3.1% and the 12-month average growth of 4.2%. Food sales increased 7.9% on a Total basis over the three…
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New research by National Institute of Economic and Social Research (NIESR) has found that low to middle income households are facing seven years of falling living standards NIESR says that GDP growth will remain sluggish in 2023 and 2024 as the monetary policy tightening continues to bite and expects GDP growth of 0.6 per cent…
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Britons are forecasted to spend more in restaurants and physical retail stores this Christmas, with a predicted increase of 3.7% compared to last year. It is also predicted that there will be a 12.9% increase on spending in restaurants, as people come together to celebrate with friends and family during the festive period between 1st…
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Almost half of people approaching retirement (49%) are rethinking their plans as the high cost of living bites into their everyday finances. Research carried out by LiveMore among people aged 50-79 found that 26% have been forced to postpone their retirement while 23% are seriously considering delaying it. In addition, 7% have taken on more…
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Almost three in ten consumers plan to spend less in the festive period this year than last year, reflecting the impact of the ongoing cost-of-living crisis according to research by Deloitte. The data also shows a rise in the number of UK consumers who intend to spend more in the last three months of 2023,…
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Here is an overview of The Money Charity’s latest statistics for October 2023 Personal debt in the UK People in the UK owed £1,846.5 billion at the end of August 2023. The average total debt per household, including mortgages, was £65,756 and per adult was £34,716, around 100.4% of average earnings. Net mortgage lending increased by…
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Almost half (46%) of all adults have identified energy bills as their biggest financial concern heading into this winter according to research by Finder.com. Single-person households were the most apprehensive, with more than half (53%) of those living alone saying that energy bills are one of their biggest financial concerns heading into winter. This was…
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With the country getting an extra hour in bed as the clocks go back this weekend, Aviva’s latest study reveals that over half (51%) of the nation say they are not getting the recommended seven hours or more sleep per night. On average, UK adults were found to be getting just under six and a…
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Britain’s macroeconomic policy framework is largely unchanged since the 1990s, and now needs an overhaul to tackle the risk of an unsustainable ratcheting up of debt that will hamper its ability to respond to economic shocks or fund public services according to the Resolution Foundation. Built to last – the 46th report from The Economy 2030 Inquiry, funded…
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Almost half (45%) of British adults say they will be reducing their budget this Christmas, with spend decreasing by a quarter on average compared to last year according to research by TopCashbook. Consumers will be reducing it by a significant sum – on average £280 less than last year. Across the UK this equates to…
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