Credit, Collections & Insolvency News
Grandparents are supporting their children and grandchildren financially and through free childcare to help them cope with the high cost of living, Paragon Bank research has found. A survey of 2,700 over 55s found that 58% of those with children have supported them financially over the past six months, with over half (53%) of those…
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The cost-of-living crisis has hit hardest in the North East, where savings are lowest and set to fall the most this year according to new research by Hargreaves Lansdown. The research found that in the North East few people have enough cash at the end of the month, and they have the lowest wages in…
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The Chancellor is set to receive a short-term borrowing boost in his Budget, some of which he will use to prevent a spike in energy bills and petrol prices next month. But in the face of a longer-term weak outlook he faces tough choices on how to resolve public sector strikes and boost Britain’s growth…
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As the cost of living continues to spiral people are cancelling or switching their insurance policies in a bid to make savings, according to research by Consumer Intelligence. Around 7% of people have already cut back on insurance to make savings in the last three months and a further 7% are considering back in the…
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Typical household disposable incomes for working-age families are on track to fall by 3 per cent this financial year, and by 4 per cent next year, with the two-year cost-of-living squeeze set to leave families £2,100 worse off and only the very richest households seeing their incomes rise, according to new research by the Resolution…
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While 2023 may offer economic policy makers some relief, with signs inflation will ease and interest rates peak lower than feared, family finances face a ‘groundhog year’ repeat of 2022’s squeeze as the cost-of-living crisis deepens next year, according to the Resolution Foundation’s New Year Outlook. The Foundation says that 2022 has been horrendous, with…
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The Resolution Foundation think-tank has warned that the UK faces the tightest squeeze on real incomes since the second World War due to soaring inflation. With the Bank of England forecasting that Britain is set to see its longest recession since records began in the 1920s, the Foundation has cautioned that the average household will…
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One in seven people in the UK are skipping meals or going without food, a new TUC poll has revealed today The poll carried out for the TUC by Opinium showed that 14% people across the UK are having to skip meals or go without food to make ends meet. However, in nearly 50 (47)…
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A new survey by YouGov for StepChange Debt Charity finds that 45% of all British adults, equivalent to 23 million people, have found it difficult to keep up with household bills and credit commitments in the last few months, up from 30% in October 2021 and 15% in March 2020. The figures mean the number…
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Over half (56%) of UK households are not confident that measures outlined in the Government’s ‘mini-budget’ will help them cope better with rising living costs, according to Comparethemarket’s latest Household Financial Confidence Tracker. The findings come at a time when two in five (42%) households say they already struggled to pay bills in the last…
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New research by the Post Office indicates that people are turning back to cash to help them keep tighter control on their spending as living costs soar. Latest figures show that Post Offices handled £801 million in personal cash withdrawals in July, the most since records began five years ago, an increase of almost 8%…
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New research from the University of Edinburgh’s Smart Data Foundry, supported and funded by abrdn Financial Fairness Trust has found that as revealed that the over-50s are being hit hardest by the current financial crisis and could face a lifetime of financial insecurity. According to the report, economic inactivity rates have risen a third amongst…
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Consumer spending and the number of transactions made by households fell in June, according to Nationwide Building Society’s Spending Report. The latest data is the first real indication of how the cost-of-living crisis is pushing households to cut back on costs while they can. The latest spending data comes as Nationwide prepares to launch support…
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