Credit, Collections & Insolvency News
Tthe government has released new figures revealing the amount being spent by local councils on temporary accommodation for homeless households in England was £1.7 billion between April 2022 and March 2023 This is a 9% increase in spending in just one year. It has increased by 62% in the last five years. One third of…
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New research from TopCashback has found that families are spending on average £6,192 per year on food – approximately £119 per week or £516 per month In the last three months, parents say the cost of their essential groceries has increased by 46%, considerably higher than the latest ONS statistics* showing food inflation at 13.6%…
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New research from Vitality reveals more than 2 in 3 adults are worried about money. As many as 69% of respondents are worried about their finances, with 35% not feeling resilient when it comes to supporting themselves or their family. This maybe be due to the fact that 3 in 5 people reported an increase…
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Data from SCOR’s Digital Solutions subsidiary ReMark reveals worrying gaps in financial understanding among Millennials and Gen X. Less than half of people aged 18-42 have a ‘good’ understanding of life and health insurance products, and 11% admit to having ‘no knowledge’ at all. The report which interviewed 12,563 Gen Zs (18-26) and Millennials (27-42)…
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Ordinary working families are bearing the burden of the cost-of-living squeeze. New data from Lowell’s Financial Vulnerability Index shows areas with a high proportion of working families have seen a worsening in financial health compared with the UK as a whole in the first half of 2023. Lowell has identified 133 constituencies which are more…
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Despite inflation easing, new research from the Living Wage Foundation shows that the cost-of-living crisis is far from over for Britain’s 3.5m low paid workers. Polling of over 2,000 workers earning less than the real Living Wage, by Survation, found that levels of financial hardship amongst low paid workers remained high and well above pre-cost-of-living-crisis figures. The…
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Almost two million disabled people across the UK have contacted debt advice charities for support over the last 12 months*as they continue to suffer disproportionately from the cost of living crisis, according to research from responsible lender, Creditspring. The research found that one in eight (12%) disabled people contacted debt advice charities over money…
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Introducing social tariffs has the potential to reduce the energy bills of the country’s most vulnerable by over £330 a year, at a relatively low cost to the government according to analysis from Cornwall Insight. The research says that the introduction of the October Default Tariff Cap (price cap), offering discounted deals to low-income households,…
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The Trussell Trust has published new research that reveals the true and devastating consequences of the inadequacy of Universal Credit, with millions of families across the country struggling to make ends meet – including working households and disabled people. The research found that a third of working families (32%) receiving the benefit report struggling to…
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Figures from the Office for National Statistics (ONS) showed that prices rose less than expected in August. The annual rate of inflation fell to 6.7% last month, much lower than the rise from 6.8% in July to 7% economists had expected. Core inflation, excluding food, energy, alcohol and tobacco, stood at 6.2% in August, down…
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New research by Hargreaves Lansdown has found that 40% of people think the Bank of England is managing inflation badly, higher than at any other point this millennium. The research showed that 63% expect interest rates to rise over the next 12 months – up from 57% in May. 19% expect rates to remain the…
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Close to half (45%) of adults are concerned about the financial decision-making of their more vulnerable relatives as they get older, with one in ten (10%) saying their relatives have made poor financial decisions in the past two years resulting in some form of financial loss, according to data from a recent report by AKG,…
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Resarch from lender Creditspring has found that 30% of people say their mental health has deteriorated since the start of the cost-of-living crisis, with the rate rising to almost half (48%) among 25 to 34-year-olds. The research shows that financial woes are directly contributing to this widespread decline in mental health, with a quarter (23%)…
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