Credit, Collections & Insolvency News
More than eight million people across the UK need to get debt advice and over 12 million more live on the edge, new figures from the Money and Pensions Service (MaPS) have revealed. Using its survey of 22,519 adults, conducted in July-September 2023, MaPS has calculated that one in seven people (15%, 8.1 million) require…
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Nationwide has become the first building society to achieve ‘Mental Health Accessible’ accreditation, after improving support for vulnerable customersby The Money and Mental Health Policy Institute. Money and Mental Health’s Mental Health Accessible programme works with essential services firms to help them understand the difficulties customers with mental health problems can face using their services,…
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An estimated 16 million adults saw less of their friends and family during the cost of living crisis, Which? warns, putting many people’s mental wellbeing at risk according to a survey by Which? The survey found that three in 10 (31%) said they saw less of friends and family due to financial pressures during the…
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Research by Rathbones Group has found that nearly one in three (30%) saw their personal wealth fall as a result of their break-up in the past 10 years, while more than a quarter (26%) became wealthier after divorce. The independent study found a third (33%) of men who got divorced in the past decade emerged…
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Here is an overview of The Money Charity’s latest statistics for February 2024 Personal debt in the UK People in the UK owed £1,836.4 billion at the end of December 2023. The average total debt per household, including mortgages, was £65,395 and per adult was £34,526, around 99.9% of average earnings. Net mortgage lending decreased by…
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Ongoing financial strain is taking an increasing toll on the health and wellbeing of the nation, with almost half of UK adults saying their mental and physical health has suffered because of their financial situation in the last year, according to new research from St. James’s Place (SJP). As the UK slips into recession, around…
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Analysis of figures from councils across England by responsible lender, Creditspring has revealed that £85 million of the Household Support Fund remains unspent with the 31st March 2024 deadline fast approaching. The Household Support Fund was first launched in October 2021, and has been extended several times. The current tranche, which has been running since…
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The average household spends £406 on monthly debt repayments, excluding the mortgage according to HL Savings & Resilience Barometer. The research showed that those with mortgages spend an average of £814 on top of this with almost one in ten households (9%) in arrears. Among the lowest fifth of earners this rises to 27%. The…
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While recent high inflation, the cost-of-living crisis and economic volatility have put real pressure on many people’s finances, research from NextWealth’s Managing Lifetime Wealth report, sponsored by Aegon, has found a deeper concern among retirement clients: the fear of outliving their savings. The research, found that 71% of advisers reported the number one retirement worry amongst clients is…
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Financial worries and stresses are impacting a large proportion of people in the UK (45%) according to research from Yorkshire Building Society and food redistribution charity, FareShare. Despite interest rates decreasing, and wages increasing, things are set to become even more challenging for households in the poorest quarter of the working-age population, as their ‘real’…
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The Trussell Trust has published new research which it says that highlights the inadequacy of Universal Credit across the UK. The anti-poverty charity is urging the Chancellor to take urgent action to increase long-term support for people struggling to get by on Universal Credit and commit to extending the Household Support Fund as soon as…
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New TUC analysis has revealed that the average woman effectively works for free for nearly two months of the year compared to the average man. This is because the gender pay gap for all employees currently stands at 14.3%. This pay gap means that working women must wait 52 days – nearly two months –…
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Renters are less financially resilient than recent remortgagers according to reseach by Hargreaves Lansdown’s HL Savings & Resilience Barometer . The research found that over two-thirds have poor financial resilience, compared to a quarter of remortgagers whilst only 43% of renters have enough emergency savings, compared to 71% of mortgagees and 87% of those who…
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