Credit, Collections & Insolvency News
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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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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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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Ofgem has confirmed that the energy price cap will rise 9.5% in October, to £1,717 for an average user, adding £148.92 to an average bill or £12.41 a month. The removal of the winter fuel payment for those on low pension incomes, who don’t qualify for pension credit, will make it even tougher to make…
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Energy regulator Ofgem has announced that, from the 1st October 2024, the price cap will increase by £149 to £1,717, an increase of 10% from the previous price cap which was £1,568. The price cap which sets a maximum rate per unit and standing charge that can be billed to customers for their energy use,…
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38% of older people (65+) living on a low household income (under £15k per year) in England and 29% in Wales are either finding it a constant struggle – or a struggle from time to time – to keep up with their water bills, according to new research by Independent Age. The charity has teamed…
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Millions of households across the UK will be left in the cold and dark this winter, with energy prices forecast to rise by more than £150 a year according to Fuel Bank Foundation. The Foundation says that households using prepayment meters who are forced to pay upfront for their gas and electricity will be hardest…
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Over two fifths (43%) of UK adults believe that their financial situation will improve in the next 12 months, new research by SmartSave, a Chetwood Financial company, has found. The digital bank commissioned an independent, nationally representative survey of 2,000 UK adults. Of those who said they thought they would be in a better financial…
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Energy prices are expected to rise by 9% in October according to consultancy Cornwall Insight. The data shows that for a typical dual fuel household we predict the October price cap to be £1,714 per annum. This is a rise of 9% from the current price cap which was set at £1,568 per year for…
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Latest ONS data on the cost of living shows that despite the easing in inflation, many people remain concerned over their credit commitments. In the latest period, just over 4 in 10 (44%) adults who are currently making rent or mortgage payments reported that these payments had gone up in the last six months, with…
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Cabinet ministers including the Deputy Prime Minister, Chief Secretary to the Treasury as well as ministers for the devolved nations have joined the taskforce’s co-chairs, the Work & Pensions and Education Secretaries, to confront the wide-ranging and deep-rooted causes of child poverty. The government says the ministerial taskforce will harness all available levers to drive…
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