Credit, Collections & Insolvency News
Benefit cuts have pushed up relative child poverty in the years running up to the pandemic, measured as living in a household with incomes below 60% of median income. However, based on asking their families whether they could afford essentials, the share of children in material deprivation fell by a quarter, from 24% in 2013…
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Research by EY shows that consumers are cutting back their spending as inflation hits household budgets. Over a third (37%) of low and middle-income consumers are now only buying essential items, with this an increase of 11% compared to February, while 32% have switched to cheaper brands to try and save money. While almost half…
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Some 49% of people surveyed by the Office for National Statistics say they had purchased less food than normal between 22 June and 3 July. This was up from 8% of those polled last September. Another 48% said they had been forced to spend more than usual on their food shopping. Overall, 91% of 2,300…
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One-in-six UK households (4.4 million) are now in ‘serious financial difficulties’ compared to one-in-ten (2.8 million) in October 2021 according to research by abrdn Financial Fairness Trust. The figures are worse than at any point during the pandemic. Of those 4.4 million in serious financial difficulties, to make ends meet 71% have reduced the quality…
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Research published by the Resolution Foundation shows a slump in typical household disposable income growth in the 15 years leading up to the pandemic. Between 1961 and 2004/05, typical household incomes for working age families grew by 2.3% per year, or 25% per decade. Between 2004/05 and 2019/20 however, typical income growth slowed to just…
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More than a third (35%) of motorists say they will switch to public transport if petrol and diesel prices continue to rise, according to the consumer element of July’s Startline Used Car Tracker. Around four out of ten (42%) say that fuel costs have already made them use public transport instead of their car, while…
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Energy companies’ customer service standards have fallen to a new record low according to the latest Citizens Advice research. The table rates customer service between January to March this year. Amid rising call waiting times and customers saying they can’t get hold of their supplier, the average score (2.8 stars) is the lowest on record.…
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As the Monetary Policy Committee (MPC) meets to decide whether to impose a further rise in interest rates, the majority of Britons are already cutting back on their spending.W ith inflation at a 40-year high, the Bank of England’s efforts to cool it down by raising interest rates three times since December last year, has…
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Half (49%) of university students and graduates said that the prospect of student debt made them think twice about taking up their place at university, according to new research from credit reference agency Equifax. The large debt associated with attending university was enough to make graduates think twice, even though they go on to earn £10,000…
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Here is an overview of The Money Charity’s latest statistics for June 2022 Personal debt in the UK People in the UK owed £1,786.6 billion at the end of April 2022. The average total debt per household, including mortgages, was £64,286 and per adult was £33,780, around 105.3% of average earnings Net mortgage lending rose by…
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Latest figures from the British Retail Consortium have shown that shop price annual inflation accelerated to 3.1% in June, up from 2.8% in May. The rise is above the 12- and 6-month average price increases of 1.0% and 2.3%, respectively. This marks the highest rate of inflation since September 2008. Food inflation strongly accelerated to…
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An unfurling backlog of weddings and other milestone social occasions following the pandemic is adding pressure to people’s already stretched finances, as one in four people (24 per cent) can’t afford to accept all of their wedding invitations, according to new research launched today by Experian. Three in ten (31 per cent) said they have…
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A new report from the Centre for Social Justice supported by Lowell has revealed thedire state of financial literacy in Britain and recommends compulsory money management lessons for primary school students. The report finds that lack of financial knowledge among children is posing unprecedented risks with nearly 14 million adults with experience of financial problems…
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