Money Statistics: May 2022

31st May 2022

Here is an overview of The Money Charity’s latest statistics for May 2022

Personal debt in the UK

  • People in the UK owed £1,781.7 billion at the end of March 2022.
  • The average total debt per household, including mortgages, was £64,107 and per adult was £33,686, around 108.0% of average earnings.
  • Net mortgage lending rose by £7.5 billion in the month, while net consumer credit lending increased by £955 million.
  • Citizens Advice Bureaux across England and Wales answered 345,717 enquiries in April 2022, 1.2% up from April 2021.

Spending and Loans

  • On average, 52.2 cash machine transactions (including balance enquiries and rejected transactions) were made every second in April 2022, an increase of 9.8% on April 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 £1,580.8 billion at the end of March 2022.
  • The average mortgage interest rate was 2.05% at the end of March 2022. Based on this, households with mortgages would pay an average of £2,949 in mortgage interest over the year.
  • HM Land Registry reports that the average house price for first-time buyers in Great Britain was £231,704 in March 2022, an annual increase of 8.9% and a monthly change of 0.2%.
  • According to the Office for National Statistics, private rental prices in the UK rose by 2.7% in the 12 months to April 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 £490per year.

The full report can be found here.