Credit, Collections & Insolvency News
The Government must do more to protect low-and-middle-income households from rising energy bills, with families on Universal Credit (UC) four times as likely as the wider population to be on pre-payment meters and therefore face higher energy bill hikes in October, new Resolution Foundation research had found. The Foundation notes that 4.4 million households on…
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A new report is urging the Government to take the lead in supporting consumers to recover financially from the pandemic. Innovation Foundation Nesta has commissioned Guaranteeing a Rapid Recovery – a report from the Social Market Foundation (SMF) which sets a series of recommendations for government and innovators to support consumers as they recover from the pandemic. The research…
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Huge changes in the world of work over the past 30 years have led to people having a greater attachment to their work, but also rising levels of stress and falling levels of control, which has coincided with low earners losing their ‘job satisfaction premium’ over higher paid colleagues, according to new Resolution Foundation research.…
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New research by Age UK has found that one in five UK women pensioners now living in poverty. Age UK’s research shows that in less than a decade the proportion of female pensioners in the UK living in poverty has increased by six percentage points, resulting in one in five female pensioners – 1.25 million…
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The Covid-19 pandemic has sparked a surge in people over 50 seeking professional financial advice, according to new research from Scottish Widows. Almost half (46%) of Independent Financial Advisors (IFAs) in the UK have reported an increase in the number of over 50s reaching out to them for help over the last 18 months. Some…
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Almost a third of families with children at home (32%) are struggling to pay down debt which has accrued since the first UK lockdown began in March 2020, compared to just 16% of households without children, according to the latest Household Financial Confidence Tracker from comparethemarket.com. Excluding mortgage repayments, UK households say that their debt…
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New figures published by the Office for National Statistics (ONS) has revealed that households reduced their spending during the coronavirus pandemic by an average of £109.10 (or 19%) a week. The figures also showed that during the year to March 2021, households spent less on goods and services that were restricted at various times to…
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New data released by the ONS has shown how the over 65s have been much more insulated from the effects of the pandemic than younger age groups. The research indicated that over 65s have approx. six times more saved in ISAs and current accounts than the 25-34 age group with 82% of over 65s report…
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Job creation looks set to continue at a strong rate after the furlough scheme ends, but a fresh rise in unemployment is still likely according to analysis by the Resolution Foundation. The Foundation has warned that about 900,000 people are still expected to be on the scheme when it finishes on 30th September. As a…
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New research by Canada Life has found that almost a fifth of consumers (17%) who have received financial advice are prioritising making sure they can spend every penny of it in retirement without fear of running out. More than one in ten (13%) will also consider how much of their children’s inheritance they can spend…
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More than a third of motorists don’t have sufficient savings to cover a major car repair bill or a warranty in place to offer protection, according to new research for the RAC Dealer Network. When asked how they would meet the cost of an unexpected £1,000-plus repair, 43% say they could pay for it comfortably…
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New research by Demos has predicted that credit services are predicted that credit scores are predicted to improve by 2% this year. The research in the form of the third annual Good Credit Index shows an average increase in access to credit in the UK, mostly due to effective government intervention to prevent a financial crisis. The…
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More than two-thirds (67%) of consumers in the UK said they would find it easier to view all of their financial information in one place highlighting the demand for open finance, according to a new survey by data aggregation and analytics platform Envestnet Yodlee. The 2,000-person survey explored the attitudes of consumers in the UK…
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