Everyday in the UK
Personal Debt in the UK
The population of the UK grew by an estimated 777 people a day between 2019 and 2020.
- On average, a UK household spends £4.15 a day on water, electricity, and gas.
- 342 people a day were declared insolvent or bankrupt in England and Wales in March 2022 to May 2022. This was equivalent to one person every 4 minutes & 13 seconds.
- In Northern Ireland in April 2022, there were 4.6 insolvencies per day and in Scotland in the three months to March 2022 there was 21.0 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 2,030 debt issues every day in the year to May 2022.
- 6.4 properties were repossessed every day in January to March 2021 in the UK, or one every 3 hours and 43 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 22.8 a day in the year to March 2022.
- The number of people unemployed in the UK fell by 973 per day in the twelve months to April 2022.
- 629 people a day reported they had become redundant in February to April 2022.
- Net lending to individuals and housing associations in the UK grew by £190.3 million a day in April 2022.
- Government debt increased by £554 million a day in the 3 months to May 2022.
- Borrowers paid £126 million a day in interest in April 2022.
- It costs an average of £24.44 per day for a couple to raise a child from birth to the age of 18.
- For a lone parent family, the cost of raising a child comes to £29.50 per day.
- 32.1 mortgage possession claims and 25.5 mortgage possession orders were made every day in England and Wales in January to March 2022.
- 211 landlord possession claims and 144.2 landlord possession orders were made every day.
Arising from Coronavirus pandemic
During the pandemic, health, economic and policy impacts have interacted with each other. The UK is also currently facing a worsening cost of living crisis – with rising inflation arguably linked to pandemic-related economic disruption. Following are some striking numbers that have emerged in the last few weeks:
8/10
The proportion of workers who had to work from home during the pandemic, who said they planned to continue with hybrid working now that restrictions have ended. Since February 2022, the proportion of people hybrid working has risen from 13%, to 24% in May 2022. The percentage working exclusively from home has dropped from 22% to 14% (ONS).
13%
The estimated annual rise in costs for families with two children, compared to the official inflation rate of 9.1%, which means costs for families with two children are rising faster than for others. Research suggests that families with two children are paying up to £400 more per month to meet the cost of essential items such as food, rent and heating (Joseph Rowntree Foundation, Loughborough University).
63%
The proportion of people in ethnic minority groups who have seen their cost of living negatively impacted by the pandemic, compared to just 59% of all UK adults (LifeSearch Health, Wealth and Happiness Index).
46%
The proportion of people receiving help from Citizen’s Advice who are in a ‘negative budget’, which means they have more essential spending out than they have income coming in (Citizen’s Advice).
74%
The percentage of adults who said their mental health has been negatively impacted in the past two years. Of those surveyed, the “rising cost of living” (28%) closely followed by “Covid restrictions” (27%) were the top causes (LifeSearch Health, Wealth and Happiness Index).
Statistics Source: http//www.themoneycharity.org.uk
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