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 £4.33 a day on water, electricity, and gas.
- 313 people a day were declared insolvent or bankrupt in England and Wales in August 2021 to October 2021. This was equivalent to one person every 4 minutes & 37 seconds.
- In Northern Ireland in October 2021, there were 3.3 insolvencies per day and in Scotland in the three months to September 2021 there was 20.8 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 1,940 debt issues every day in the year to November 2021.
- 4.5 properties were repossessed every day in July to September 2021 in the UK, or one every 5 hours and 23 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 1.8 a day in the year to September 2021.
- The number of people unemployed in the UK fell by 808 per day in the twelve months to October 2021.
- 1,054 people a day reported they had become redundant in August to October 2021.
- Net lending to individuals and housing associations in the UK grew by £22.8 million a day in October 2021.
- Government debt increased by £429 million a day in the year to October 2021.
- Borrowers paid £122 million a day in interest in October 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.
- 30.8 mortgage possession claims and 13.4 mortgage possession orders were made every day in England and Wales in July to September 2021.
- 111 landlord possession claims and 60.9 landlord possession orders were made every day.
Arising from Coronavirus pandemic
During the pandemic, health, economic and policy impacts have interacted with each other. Following are some striking numbers that have emerged in the last few weeks:
15 million+ Number of people who have experienced at least one life event in the last two years that has left them financially struggling (Turn2Us).
26 Number of energy companies that have collapsed in the last three months, leaving consumers with a bill for £2.6 billion (Citizens Advice).
1.4 million Number of people who have “no recourse to public funds” as a result of their visa conditions. 81% of these are behind on at least one essential bill, while one in five have experienced homelessness or housing insecurity (Citizens Advice).
x 2+ Macmillan Cancer Support has found that cancer patients are more than twice as likely to have been financially affected by Covid-19 as people in general. The financial impact of a cancer diagnosis reaches £900 per month (Macmillan).
4 in 10 Proportion of users of Buy Now Pay Later (BNPL) who are struggling to pay their bills (Citizens Advice). Citizens Advice has found that many shoppers do not view BNPL as “proper borrowing”.
£355.3 million Loss to consumers from Authorised Push Payment (APP) scams during January to July 2021 (Which?) Which? reports that where consumers challenge banks over decisions not to reimburse consumers for APP scams, the Financial Ombudsman Service upholds the consumer in 73% to 86% of cases.
11% Rise in UK financial vulnerability during the pandemic as far as Q1 2021. This was driven by higher use of credit, increased dependence on benefits and increased use of alternative financial products. The areas with the highest levels of financial vulnerability in Q1 2021 were the north east of England, Cornwall and the western central belt of Scotland. However, within UK cities, there are urban local authority areas all around the UK that have high levels of financial vulnerability (Lowell Vulnerability Index, October 2021).
Statistics Source: http//www.themoneycharity.org.uk
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