Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for July 2022 Personal debt in the UK People in the UK owed £1,794.8 billion at the end of May 2022. The average total debt per household, including mortgages, was £64,581 and per adult was £33,935, around 107.7% of average earnings. Net mortgage lending rose by…
Read more
The Building Societies Association (BSA) has launched a new report shining a spotlight on the work of individual building societies and credit unions in providing financial education within schools and their wider communities. Based on feedback from members, it includes a number of case studies about members outreach programmes and calls for improvement in the following…
Read more
The UK’s three largest debt charities have called on the energy regulator Ofgem to urgently increase protections for people with energy arrears, as rising costs continue to impact households. Citizens Advice, the Money Advice Trust and StepChange Debt Charity are warning that with a further substantial rise in the energy price cap coming in October,…
Read more
Research by the Institute for Fiscal Studies (IFS) has indicated that Long Covid is costing UK workers a total of £1.5 billion a month in lost earnings, adding up to £1.5 billion in aggregate across the economy. The research says that as the UK exits the most acute phase of the Covid-19 pandemic, attention has…
Read more
1.7 million single parent families, representing 57% of all single parent households with children at home, struggled to pay their bills in recent weeks, reflecting the worsening conditions for millions of families across the UK, according to comparethemarket.com’s Household Financial Confidence Tracker. The research found that four in ten (43%) two parent households with children also found…
Read more
Male victims of financial abuse in Scotland will finally be able to take back some control over their finances without placing themselves at further risk of abuse from partners with the help of a new partnership between the Vulnerability Registration Service (VRS) and Abused Men in Scotland (AMIS), Scotland’s charity helpline for male domestic abuse. Abused…
Read more
As the cost of living squeeze continues to be a growing concern, research from Canada Life has revealed the impact this will have on family members’ ability to financially support their relatives, both now and in the future. Among those who already financially support their relatives, or could do so, nearly half (48%) say the next…
Read more
Two in five adults over the age of 50 are so stressed about money that they can’t sleep at night, according to new research by SunLife. The research revealed that over a third (37%) of people aged 50 and above revealed they feel sleep deprived. Money worries are the number one cause of sleep loss…
Read more
A new survey from Hodge has found that 76% of people in the UK are poised to stop dining out and a further 59% to stop socialising to help manage the rising cost of living. Hodge’s “Cost of Living” whitepaper features the findings from research which questioned 1,000 people on how they are managing their…
Read more
Younger adults are significantly more likely to have talked about money matters with their parents when growing up compared to the generations that went before them. Three in four (76%) 18-24-year-olds spoke to their parents about money matters when they were growing up. This compares to just 43% of those 65 or over, 52% of…
Read more
New research from Aviva shows that more than half of over 55s want to see the benefit of giving significant financial help to their family while they are still alive, rather than leave an inheritance in a will. The findings come as other trends suggest a move away from leaving money to family only after…
Read more
Soaring energy costs and rising food and fuel prices are set to put an extra burden on families’ budgets over the school holidays, which begin this week with more parents being forced to turn to borrowing to make ends meet over the summer according to new research by Ste[Change. The research shows that parents are…
Read more
StepChange debt charity guided, advised or supported more than half a million people last year, according to the charity’s impact report for 2021. The support included providing full debt advice to over 157,000 people, helping clients to repay more than £402 million of debt, and seeing over 24,000 people becoming free from problem debt with…
Read more