Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for March 2023 Personal debt in the UK People in the UK owed £1,837.4 billion at the end of January 2023. The average total debt per household, including mortgages, was £65,434 and per adult was £34,546, around 105.2% of average earnings. Net mortgage lending rose by…
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Analysis by Legal & General shows that the cost-of-living crisis has hit the poorest households hardest, deepening existing economic inequalities. The firm’s Rebuilding Britain Index shows that 95% of working UK households have experienced a real terms pay cut over the last 12-months. The report finds that the cost of living crisis has hit the…
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Figures from the Office for National Statistics (ONS) show inflation rose more than expected last month to hit 10.4%, up from 10.1% in January. Economists had predicted a slight drop to 9.9%. The rise was driven by a continued rise in food costs, which increased by 18.2% in the year to February, the fastest rise…
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The increase in the cost of living is being felt by almost every household, however a survey of financial advisers by Royal London has highlighted that their clients are more worried about their adult children’s financial predicament than their own, according to over half (55%) of respondents. While around half (53%) of advisers report that…
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The Resolution Foundation has said that 15 years of economic stagnation have left workers across Britain with an £11,000 a year lost wages gap The Foundation says that over the past year, soaring inflation has caused a massive fall in workers’ real wages. But Britain’s pay problems – and the stagnation in living standards they…
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With a typical household’s bills set to rise by nearly £1,300 a year from April, a study by Money Wellness, a wellbeing platform specialising in free debt advice and ongoing support, has revealed that 91% of British people are worried about covering these increases. Furthermore, only 59% of the people Money Wellness spoke to said…
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As households grapple with the rising cost of living, the latest update to Lowell’s Financial Vulnerability Index (FVI), a tool used to measure and track financial resilience across the UK based on anonymised data from over 9.5 million Lowell customer accounts and other publicly available data, has shown that households are continuing to borrow and…
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One in seven people have skipped meals due to the rising cost of living, new Which? research has found. According to the latest findings from Which?’s Consumer Insight Tracker, a number of households are going without food and sitting in cold homes due to the rising cost of living. One in seven (15%) said they…
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The Chancellor is set to receive a short-term borrowing boost in his Budget, some of which he will use to prevent a spike in energy bills and petrol prices next month. But in the face of a longer-term weak outlook he faces tough choices on how to resolve public sector strikes and boost Britain’s growth…
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A minority of women are more likely to face pension poverty in the UK, with black women worst impacted according to research by Scottish Widows. The Women and Retirement Report shows that the financial gender gap continues to prevail with women from ethnic minorities facing an uphill battle at every stage of their financial life,…
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Cash Access UK has said lenders will open hundreds of banking hubs over the next few years as the programme accelerates. Cash Access UK Chief Executive Officer Gareth Oakley says that the not-for-profit company has 38 hubs in the pipeline and is preparing to open its fifth and sixth hubs in London and Scotland. The…
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More than 18,000 new StepChange Debt Charity clients completed full debt advice in January 2023, which is at least 22% higher than any single month in 2022, suggesting that more and more people are struggling with debt in the new year following almost 12 months of rising living costs. Latest Bank of England data for January showed…
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The rising cost of living and weaker consumer spending is expected to deepen the economic divide between London and the rest of the UK, according to the latest EY UK Regional Economic Forecast. The forecast says that UK Gross Value Added (GVA) is expected to decline 0.6% over the course of 2023, with London (-0.2%)…
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