Striking Numbers July 2021

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.
  • 307 people a day were declared insolvent or bankrupt in England and Wales in April 2021 to June 2021. This was equivalent to one person every 4 minutes & forty two seconds.
  • In Northern Ireland in April 2021, there were 5.4 insolvencies per day and in Scotland in May 2021 17.6 insolvencies per day.
  • Citizens Advice Bureaux in England and Wales dealt with 1,786 debt issues every day in the year to June 2021.
  • 2.1 properties were repossessed every day in January to March 2021 in the UK, or one every 11 hours and 22 minutes.
  • The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 15 a day in the year to March 2021.
  • The number of people unemployed in the UK grew by 608 per day in the twelve months to May 2021.
  • 1,130 people a day reported they had become redundant in March to May 2021.
  • Net lending to individuals and housing associations in the UK grew by £217.6 million a day in May 2021.
  • Government debt increased by £630 million a day in the year to May 2021.
  • Borrowers paid £121 million a day in interest in May 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.
  • 8.2 mortgage possession claims and 1.6 mortgage possession orders were made every day in England and Wales in January to March 2021.
  • 71 landlord possession claims and 60.3 landlord possession orders were made every day.

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:

One fifth       Proportion of individuals in the second-to-lowest income group who have taken on more debt since the beginning of the pandemic. Two-thirds of these have seen a “significant” increase in debt. The second-to-lowest income group has the highest proportion of people taking on more debt since the beginning of the pandemic. (Resolution Foundation)

-10%      In May 2021 there were 10% fewer under-25 year-olds on the UK payroll than in January 2020. The number of hospitality workers was 17% down on January 2020. (Resolution Foundation)

26%      Proportion of workers aged 55+ who were on furlough in February 2021 and still on furlough in May 2021. The 55+ age group has the largest proportion of members on persistent furlough. Since April 2020, there has been significant movement of 55+ year-olds from furlough to “inactive”. (Resolution Foundation)

46%      Proportion of people on Universal Credit or Tax Credits who are worried that the upcoming £20 per week cut to Universal Credit will affect their ability to buy food. (Turn2us)

500,000  Number of people who will fall below the poverty line when Universal Credit is cut. This includes 200,000 children. (Turn2us) £50,949 Average reported loss of a pension scam victim in January to May 2021. This has increased from £23,689 in 2020. Some victims have lost up to £500,000. (Which? based on FCA and Action Fraud data)

413,533 Number of reports of scams/fraud made to Action Fraud in the year to March 2021, a 33% increase on last year. Total reported losses came to £2.3 billion. The most common type of fraud was online shopping and auctions fraud, accounting for a quarter of the total. The most expensive fraud was investment fraud, inflicting £535 million of losses on victims. Nearly four out of ten investment fraud victims were under the age of 40. These numbers are for reported frauds only. It is believed that a large majority of frauds and scams go unreported. (Which? based on Action Fraud and ONS crime survey data)

Statistics Source: http//

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