Everyday in the UK
Personal Debt in the UK
The population of the UK grew by an estimated 990 people a day between 2018 and 2019.
- On average, a UK household spends £4.20 a day on water, electricity, and gas.
- 290 people a day were declared insolvent or bankrupt in England and Wales in January 2021 to March 2021. This was equivalent to one person every 5 minutes.
- In Northern Ireland in March 2021, there were 5.9 insolvencies per day and in Scotland 22.2 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 1,620 debt issues every day in the year to March 2021.
- 1.5 properties were repossessed every day in October to December 2020 in the UK, or one every 15 hours and 46 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 18 a day in the year to December 2020.
- The number of people unemployed in the UK grew by 850 per day in the twelve months to February 2021.
- 2,267 people a day reported they had become redundant in December to February 2021.
- Net lending to individuals and housing associations in the UK grew by £5.3 million a day in February 2021.
- Government debt increased by £818 million a day in the year to March 2021.
- Borrowers paid £122 million a day in interest in January 2021.
- It costs an average of £23.25 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 £28.22 per day.
- 2.8 mortgage possession claims and 0.3 mortgage possession orders were made every day in England and Wales in October to December 2020.
- 91 landlord possession claims and 23.9 landlord possession orders were made every day.
Arising from Coronavirus pandemic
Reports continue to be published showing the impact of Covid-19 on the financial health of the country and individual households. The following are some of the new findings that have been published during the last month:
21.7 million Number of people forecast to be living in families with too little income to meet everyday needs by May 2021 (New Economics Foundation)
1 in 4 People not expected to recover financially from the pandemic for at least 12 months (Turn2us)
1 in 3 People reporting significant negative effects on their mental health from the pandemic, including 19% reporting depression (Turn2us)
Nearly 11 million People who have borrowed to make ends meet since the beginning of the pandemic, including 2.8 million who have used high-cost credit to make ends meet (StepChange)
4.3 million People who are behind on household bills including council tax, rent and utilities (StepChange)
700,000 Number of renters who have been served with Section 21 ‘no fault’ eviction notices since the start of the pandemic (Citizens Advice)
37% Proportion of employees aged 18-24 who were furloughed in 2020, compared to 21% of those aged 40-44 and 22% of those aged 45-49. The over 65s also had a high furlough rate (40%) (British Academy based on Resolution Foundation data)
10% Share of workers from minority ethnic backgrounds who lost their jobs in April-June 2020, compared to 6% of workers from majority backgrounds (British Academy based on data from Leverhulme Centre and Understanding Society)
3.6 million The number of self-employed either excluded from Government pandemic financial support or receiving a low level of support due to their employment status (Money Advice Trust)
55-64% The proportion of callers to the Money Advice Trust Business Helpline between April 2020 and February 2021 citing Coronavirus as the main reason for their financial difficulty (Money Advice Trust)
Statistics Source: http//www.themoneycharity.org.uk
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