Money Statistics: January 2023

Here is an overview of The Money Charity’s latest statistics for January 2023

Personal debt in the UK

• People in the UK owed £1,831.9 billion at the end of November 2022.
• The average total debt per household, including mortgages, was £65,914 and per adult was £34,636, around 106.5% of average earnings.
• Net mortgage lending rose by £4.3 billion in the month, while net consumer credit lending decreased by £1.0 million.
• Citizens Advice Bureaux across England and Wales answered 414,546 enquiries in October 2022, 15.5% up from October 2021.

Spending and Loans

• On average, 50.3 cash machine transactions (including balance enquiries and rejected transactions) were made every second in December 2022, a decrease of 3.3%on December 2021.
• The number of ATMs (in-branch and remote) fell from 54,574 at the end of 2020 to 53,398 at the end of 2021 (a fall of 2.15%).
• In Q2 2022, households in the UK spent £114.6 million a day on water, electricity and gas, or £4.12 per household per day.
• UK Finance figures show that 51.2% of credit card balances were bearing interest in October 2022.

Mortgages, Rent and Housing

• Outstanding mortgage lending stood at £1,624.9 billion at the end of November 2022.
• The average mortgage interest rate was 2.39% at the end of November 2022. Based on this, households with mortgages would pay an average of £3,540 in mortgage interest over the year.
• HM Land Registry reports that the average house price for first-time buyers in Great Britain was £245,522 in November 2022, an annual increase of 10.3% and a monthly change of –0.4%.
• According to the Office for National Statistics, private rental prices in the UK rose by 4.2% in the 12 months to December 2022.

Financial Inclusion

• According to the FCA, in the UK in 2020 there were 1.2 million adults who did not have a bank account. This was 2.3% of the UK adult population.
• According to the FCA Financial Lives Survey, in February 2020, 5.4 million people relied on cash to a great or very great extent, with 2.5 million using cash for all their payments.
• According to Ofcom, 1.5 million households did not have access to the Internet in March 2021. This included 18% of one adult households aged 65+.
• Research by The Social Market Foundation found that low-income households pay a ‘poverty premium’ in buying their goods and services of £490 per year.

The full report can be found here.