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 £3.97 a day on water, electricity, and gas.
- 304 people a day were declared insolvent or bankrupt in England and Wales in January 2023 to March 2023. This was equivalent to one person every 5 minutes & 44 seconds.
- In Northern Ireland in March 2023, there were 5.7 insolvencies per day and in Scotland in the three months to December 2022 there was 21.4 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 2,151 debt issues every day in the year to March 2023.
- 5.4 properties were repossessed every day in October to December 2022 in the UK, or one every 4 hours and 25 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 12.2 a day in the year to December 2022.
- The number of people unemployed in the UK fell by 255 per day in the twelve months to January 2023.
- 1,076 people a day reported they had become redundant in October to December 2022.
- Net lending to individuals and housing associations in the UK grew by £67 million a day in February 2023.
- Government debt increased by £389 million a day in the three months to February 2023.
- Borrowers paid £162 million a day in interest in February 2023.
- 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.
- 34.4 mortgage possession claims and 27.0 mortgage possession orders were made every day in England and Wales in October to December 2022.
- 222.4 landlord possession claims and 175.6 landlord possession orders were made every day.
The percentage of households in England and Wales who report that mains gas central heating was the only central heating source in their home (ONS).
Arising from the current climate
The UK has undergone a significant degree of political and financial turmoil over the past few years. The pandemic and ongoing cost of living and energy crises, among other events, have affected the lives and finances of many people across the UK. Following are some striking statistics, curated over the last few weeks to reflect the situation as it evolves:
The percentage of Buy Now Pay Later users who are using this form of credit more often as a direct result of the cost of living crisis (Forbes Advisor).
How long ago the price of food was last rising at the rapid rate it is currently going up by. The price of food and non-alcoholic drinks rose at the fastest rate in more than 45 years in the year to March 2023. The annual inflation rate for these items was 19.1%, modelling suggests that the rate would have last been higher in August 1977, when it was estimated to be 21.9% (ONS).
The number of food parcels that the Trussell Trust’s UK network of food banks distributed to people facing hardship between April and September 2022. This is a 52% increase on the same period in 2019. Half a million of these parcels were distributed to children.
The percentage of people in poor health who have ‘great’ levels of financial resilience. This is compared to 30% of people in good health (Hargreaves Lansdowne).
The number of people who have enough cash left over every month to be considered financially resilient. This falls to 8% of people who are in poor health (Hargreaves Lansdowne).
Statistics Source: http//www.themoneycharity.org.uk
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