Credit, Collections & Insolvency News
Younger adults are significantly more likely to have talked about money matters with their parents when growing up compared to the generations that went before them. Three in four (76%) 18-24-year-olds spoke to their parents about money matters when they were growing up. This compares to just 43% of those 65 or over, 52% of…
Read more
Rising food and fuel prices sent CPI inflation to a fresh 40-year high of 9.4 per cent in June. The latest inflation rise was driven by the sharpest single month rise in petrol prices since at least 1989 and food price inflation, which hit a 13-year high 9.8 per cent. Inflation is expected to increase…
Read more
The wealth gap between the top tenth of households and those in the middle tenth has expanded to a record £1.2m per adult, research by the Resolution Foundation has found. In 2006 the average household in the richest tenth held wealth of nearly £900,000 more per adult than a family in the middle decile. By…
Read more
New research from Aviva shows that more than half of over 55s want to see the benefit of giving significant financial help to their family while they are still alive, rather than leave an inheritance in a will. The findings come as other trends suggest a move away from leaving money to family only after…
Read more
Money Advice Liaison Group (MALG), has celebrated its 35th anniversary at a National Members Meeting in London with the launch of a new Ambassador programme. MALG CEO Bob Winnington took attendees through MALG’s history and key achievements including the publication of the first ever industry guidelines on debt and mental health in 2007, and the…
Read more
Nearly 600,000 people are now paying less in interest and charges on their credit card debt because of changes made by the Financial Conduct Authority (FCA) according to its Annual Report. In the report the reulator has set out how it has worked over the past 12 months to meet its objectives of protecting consumers,…
Read moreSoaring energy costs and rising food and fuel prices are set to put an extra burden on families’ budgets over the school holidays, which begin this week with more parents being forced to turn to borrowing to make ends meet over the summer according to new research by Ste[Change. The research shows that parents are…
Read more
Following a digital home boom established during Covid-19 pandemic lockdowns, consumers are retreating on connectivity and content needs as they prioritise financial and mental well-being. This is according to the latest EY Decoding the digital home study, which surveyed more than 2,500 households in the UK to analyse how the cost-of-living crisis has impacted consumer…
Read more
New research from national poverty charity, Turn2us, has highlighted the impact of soaring living costs as almost half its users (47%) report being left with nothing to live on each week after paying housing, council tax and utility bills. The survey, completed by 2,730 of the charity’s service users, found that the same group of…
Read more
Almost one in four families across England, Wales, Scotland and Northern Ireland are set to receive £326 the Government’s first cost of living payment today which will be sent directly to them with the second instalment of £324 sent later this year as part of the government’s £37 billion support package. Over eight million households…
Read more
StepChange debt charity guided, advised or supported more than half a million people last year, according to the charity’s impact report for 2021. The support included providing full debt advice to over 157,000 people, helping clients to repay more than £402 million of debt, and seeing over 24,000 people becoming free from problem debt with…
Read more
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…
Read more
Average private rents in Britain have hit record highs, jumping by more than 20% in some areas. Data from Rightmove shows that the average advertised rent outside London is 11.8% higher than a year ago, while in the capital it is up by 15.8%. Between April and June the average advertised asking rent outside London…
Read more