Here is an overview of The Money Charity’s latest statistics for June 2022
Personal debt in the UK
People in the UK owed £1,786.6 billion at the end of April 2022.
The average total debt per household, including mortgages, was £64,286 and per adult was £33,780, around 105.3% of average earnings
Net mortgage lending rose by £4.6 billion in the month, while net consumer credit lending increased by £593 million
Citizens Advice Bureaux across England and Wales answered 390,227 enquiries in May 2022, 16.7% up from April 2021
Spending and Loans
On average, 51.4 cash machine transactions (including balance enquiries and rejected transactions) were made every second in May 2022, an increase of 5.0% on May 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 Q4 2021, households in the UK spent £115.40 million a day on water, electricity and gas, or £4.15 per household per day
UK Finance figures show that 53.8% of credit card balances were bearing interest in February 2022.
Mortgages, Rent and Housing
Outstanding mortgage lending stood at £1,584.8 billion at the end of April 2022
The average mortgage interest rate was 2.05% at the end of April 2022. Based on this, households with mortgages would pay an average of £2,959 in mortgage interest over the year
HM Land Registry reports that the average house price for first-time buyers in Great Britain was £234,468 in April 2022, an annual increase of 11.8% and a monthly change of 1.1%
According to the Office for National Statistics, private rental prices in the UK rose by 2.8% in the 12 months to May 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+
Recent 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.