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 £4.29 a day on water, electricity, and gas.
- 335 people a day were declared insolvent or bankrupt in England and Wales in September to December 2020. This was equivalent to one person every 4 minutes and 18 seconds.
- In Northern Ireland in December, there were 5 insolvencies per day and in Scotland 20.8 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 1,767 debt issues every day in the year to December 2020.
- 1.7 properties were repossessed every day in July to September 2020 in the UK, or one every 13 hours and 48 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 9 a day.
- The number of people unemployed in the UK grew by 2,220 per day in the three months to November 2020.
- 4,341 people a day reported they had become redundant in September to November 2020.
- Net lending to individuals and housing associations in the UK grew by £126 million a day in November 2020.
- Government debt increased by £871 million a day in the year to December 2020.
- Borrowers paid £123 million a day in interest in November 2020.
- 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.
- 1.2 mortgage possession claims and 0.3 mortgage possession orders were made every day in England and Wales in July to September 2020.
- 43 landlord possession claims and 1.4 landlord possession orders were made every day
Arising from Coronavirus pandemic
Reports continue to be published showing the impact of Covid-19 on household finances. The following are some of the new findings that have been published since our round-up in December’s Money Statistics:
33%+ Proportion of low income families who increased their spending in 2020. This reflected higher costs of having children at home instead of in school, higher food costs and reduced access to community facilities and family support (Resolution Foundation).
– 11% Fall in total UK household expenditure in July-Sept 2020. The biggest falls were in transport (-32%), hospitality (-25%), health (-21%) and recreation and culture (-19%) (Resolution Foundation).
+ 5% Increased household spending on food and drink, alcohol, tobacco and narcotics in July-Sept 2020. Other increases were in housing (+1%) and household goods and services (+2%) (Resolution Foundation).
16% Proportion of women who reduced their working hours during the first Covid-19 lockdown for childcare or home schooling (compared with 9% of men) (Resolution Foundation).
-17% Reduction in the number of non-graduates doing any number of hours of paid work per week by Q3 2020 (compared with -7% of graduates) (Institute of Fiscal Studies).
48% Proportion of male Bangladeshi British people working in locked down sectors of the economy. For Pakistani British males the proportion was 33%. For males and females of other ethnic groups (White, Black and Indian) the proportion was between 10% and 20% (Institute of Fiscal Studies).
8.9 million Number of people who by December 2020 borrowed more because of Coronavirus. Borrowing was higher among the young, self-employed and those on low incomes (ONS).
Statistics Source: http//www.themoneycharity.org.uk
We have assisted many people with personal debt in the UK – view our testimonials here.
