Credit, Collections & Insolvency News
Credit Connect is pleased to announce the companies, individuals, partnerships, teams and initiatives that have been shortlisted in this year’s seventh Credit & Collections Technology Awards 2024. The Credit & Collections Technology Awards is the UK’s celebration of tech innovators in credit and collections. The technology-focused award scheme seeks to champion innovation and best customer…
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A new report released UK Finance has set out the financial services industry’s impact and recommendations for boosting financial literacy in the UK for children and young people. Although financial education is increasingly recognised as a fundamental life skill, there is limited public funding for it. Financial services are the biggest funder of financial education…
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Married couples are spending £1,440 on average on hidden wedding costs, according to new research from Compare the Market. These unanticipated expenses, which couples may not typically consider in their initial budget, could include beauty and hair trials, wedding outfit alterations, wedding insurance, gifts for guests including bridesmaids and groomsmen, as well as travel and…
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New research by Aviva has found that almost three-quarters of employees (73%) said the cost-of-living crisis has made them feel more anxious about their finances. The analysis also found that 56% of employers think their employees are worried about their financial wellbeing. This might be because people are not talking about it, with half of…
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New research by Creditspring has found that half of parents (52%) are unable to cover back-to-school costs with their current income, with two in five at a loss as to how they will be able to afford new term essentials. The research found that four in ten (39%) are reliant on credit to buy back-to-school…
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Here is an overview of The Money Charity’s latest statistics for August 2024 Personal debt in the UK People in the UK owed £1,856.8 billion at the end of June 2024. The average total debt per household, including mortgages, was £65,380 and per adult was £34,612, around 96.3% of average earnings. Net mortgage lending increased by…
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New data from the Department for Work and Pensions (DWP) accessed by Royal London has revealed that around 150,000 pensioners receive under £100 a week, less than half the full new State Pension of £203.85 a week. Royal Londosn says pensioners who are missing out on the full State Pension is because they have gaps…
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A new forecast has predicted that median household incomes are projected to grow by 3 per cent this year. However on current economic forecasts and policy assumptions, this recovery is set to peter out, with incomes forecast to grow by just 2 per cent in total over the next five years, highlighting why the Government…
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Latest ONS data as measured by the Household Costs Index (HCI), has found that household costs rose 2.5% in the year to June 2024, slowing from the annual rate of 4.5% in March 2024. Over the past three years, the all-households inflation rate has followed the fifth income decile most closely; costs for these households…
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A fifth of people (20%) over the age of 55 have consistently spent more than they’d expected to during their retirements so far, with an additional 11% expressing that this occurred early on in their retirement, according to new analysis by PensionBee. Daily living expenses emerged as the largest financial burden for retirees, with 28%…
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More than three-quarters (78%) of students fear how they will get through University as escalating bills, rent and prices pile pressure on their limited finances, research from Nationwide shows. Nationwide carried out a poll of 2,000 UK University students to understand better how students are managing their money. It revealed that while the average student…
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Fair for You has launched a new campaign with TV presenter Gail Porter in a bid to try to help six million people in furniture and appliance poverty. Porter, who fought back from crippling bankruptcy and homelessness, with data showing that six million people are living without an essential item like a washing machine or…
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Latest analysis of ONS data has found that the average weekly household expenditure was £567.70 in the financial year ending (FYE) 2023, a nominal increase of £38.90 from the previous year (7%); however, after accounting for inflation this was a real-terms decrease of £21.10 (4%). The greatest real-terms reduction in expenditure was in food and…
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