Credit, Collections & Insolvency News
With social security payments now lagging far behind inflation, researchers at IPPR warn that the cost of living crisis will push many vulnerable benefit claimants into hardship and destitution, without a serious boost to benefit payments and an end to inappropriate conditions and excessively punitive sanctions that limit payments. After a pandemic induced drop-off, new…
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New research by GoCompare has revealed that the UK’s young people may be the generation are most likely to need to work more and take on additional jobs, in order to cover rising bills and the cost of living. The survey of 2,149 people in the UK found that more than 1 in 5 people…
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The soaring cost of living is cited by over a half a million people as a key driver for personal debt, new analysis from Citizens Advice Scotland (CAS) has revealed. Analysis by the charity of polling undertaken by YouGov found that 52 per cent of Scottish adults in debt or at risk of debt since…
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Latest ONS figures have highlighted the impact of increased cost of living with adults not being able to afford an unexpected expenses. The figures showed that over 8 in 10 (83%) adults reported an increase in their cost of living in March 2022 compared with around 6 in 10 (62%) adults in November 2021. Early…
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The Office For National Statistics (ONS) has today revealed its estimates of household incomes and inequality in the UK for the financial year ending 2021. For the financial year 2021, median income of the poorest fifth of people fell by an average of 2%, while the richest fifth of people fell by 1%. Whilst disposable income inequality…
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Nine in ten (95%) of adults are concerned about the rising cost of living, with households across the earnings spectrum worried with as much concern among those with six-figure incomes as lower-earners according to new research by mutual insurer, Royal London. Women are the most worried, with a third (33%) mentioning they are extremely worried…
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The poorest households could see their cost of living jump by as much as 10% by this autumn, the Resolution Foundation think-tank has warned. The Foundation says that rising food and energy prices risk driving a second inflation spike this autumn that could reach over ten per cent for poorer households – significantly higher than…
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Research by KIS Finance has revealed that as a direct result of the rising cost of living, 57% of people in the UK are either already struggling financially, or expect to do so in the very near future. With no solution to the war in Ukraine in sight, the situation is set to get much worse, as…
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The extension of cost-of-living costs is impacting three-quarters of households new ONS fortnightly data has revealed. In the first half of February, 76% of people said their cost of living had risen in the previous month, up from 69% in the second half of January. The most common price rise they mentioned was the increasing…
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The Bank of England (BoE) has increased interest rates to 0.5% from 0.25% as it looks to restrain a surge in the cost of living. With inflation soaring, the Bank opted to increase rates at successive policy meetings for the first time since 2004. Forecasts suggest inflation, as measured by the consumer prices index, is…
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Research by KIS Finance has revealed that as a direct result of the rising cost of living, 57% of people are either already struggling financially, or expect to do so in the very near future. With inflation jumping to 5.4%, its highest level in almost 30 years, increasing numbers are finding it challenging to make…
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Over a third of consumers will not spend money on a foreign holiday or staycation in 2022, according to new research by leading price comparison service MoneySuperMarket in a further sign that the cost of living is continuing to rise. The research, which explores consumers major spending intentions in 2022 and how they intend to…
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The Government should reject over-complicated solutions to the cost-of-living crisis and simply make one-off cash payments to millions of households, according to Dr Aveek Bhattacharya, Chief Economist of the Social Market Foundation. The Social Market Foundation says that cash payments of up to £500 would be the best answer to the cost-of-living crisis, allowing households…
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