Credit, Collections & Insolvency News
New research by the Institute for Fiscal Studies (IFS) has found that few policies introduced during the 14-year period of the Conservative government are likely to have as significant a long-term impact as the introduction of universal credit (UC) – an integrated means-tested benefit that is replacing six ‘legacy’ benefits, combining out-of-work support with support for…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 36% in April 2024. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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New research from Moneyboat has found that six in ten (60%) of adults are worried about the effects an unexpected cost would have on their savings, with 23% of adults stating that they aren’t confident that they currently have enough saved to pay for one should it arise. The research also showed that nearly a quarter…
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New analysis from the Joseph Rowntree Foundation (JRF) has found that millions of people are already in poverty, and millions more are ‘teetering on the edge.’ The research found that 3.2 million people in the UK are only £40 a week from poverty, equivalent to the entire population of Wales. This includes 700,000 children, 1.5…
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57% of couples say they manage short-term money matters together and 58% say they manage the long-term together too according to research by by Opinium for Hargreaves Lansdown. The research also. found that 29% of people in a couple say they plan long-term money matters on their own, with no input at all from anyone…
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The Institute for Fiscal Studies (IFS) has revealed that the average Briton would be almost £5,000 richer if living standards had grown at the rate recorded in the years prior to the Conservatives coming to power in 2010. The IFS report says that weak income growth, widespread for richer and poorer people, older and younger…
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New research from the Joseph Rowntree Foundation (JRF) shows the relentless reality of years-long hardship for low-income families, with almost 5 million households finding themselves having to cut back on showers. Those on the lowest incomes, over 5 million households, have continued to go hungry, skip meals and cut back on food. Carried out immediately…
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New research by Compare the Market’s latest Household Financial Confidence Tracker has found that almost half of people (45%) admit they need to dip into their savings around three times per month to afford everyday living costs, despite optimism about their household finances. Over half (61%) feel more optimistic about their finances compared to this time…
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A sharp rise in debt repayments was recorded in April as cost-of-living pressures continue to bite according to research by Nationwide. The data showed that customers repaid unsecured debts of £735 million in April – a 25 per cent year-on-year rise, while the number of transactions to debt repayment increased by 14 per cent. Many…
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Personal finance skills rank above maths, digital skills and cooking as parents prioritise money knowledge for children at school, new research from Nationwide highlights. Almost nine in ten (89%) parents of 8-13-year-olds say that more personal finance education would help their children better understand the value of money. More parents said personal finance was more…
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New research from Compare the Market has revealed that almost one in four (23%) 21–34-year-olds who rent privately regularly consider moving back into their family home, while nearly one in three (32%) sometimes think about doing so. The largest proportion say that this is due to general living costs being too high (55%), while four…
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A new report published today by Royal London, shows significant increases across housing, energy and food bills, and childcare, since February 2023 meaning the average family with young children have seen their expenses rise by over £1,000 a month, leaving almost a fifth (18%) of parents with no money for unexpected bills or emergencies. The…
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Here is an overview of The Money Charity’s latest statistics for May 2024 Personal debt in the UK People in the UK owed £1,843.9 billion at the end of March 2024. The average total debt per household, including mortgages, was £64,296 and per adult was £34,372, around 97.4% of average earnings. Net mortgage lending increased by…
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