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 £4.15 a day on water, electricity, and gas.
- 327 people a day were declared insolvent or bankrupt in England and Wales in April 2022 to June 2022. This was equivalent to one person every 4 minutes & 25 seconds.
- In Northern Ireland in April 2022, there were 4.5 insolvencies per day and in Scotland in the three months to March 2022 there was 21.0 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 2,031 debt issues every day in the year to May 2022.
- 6.4 properties were repossessed every day in January to March 2021 in the UK, or one every 3 hours and 43 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 22.8 a day in the year to March 2022.
- The number of people unemployed in the UK fell by 986 per day in the twelve months to May 2022.
- 554 people a day reported they had become redundant in March to May 2022.
- Net lending to individuals and housing associations in the UK grew by £261.6 million a day in May 2022.
- Government debt increased by £639 million a day in the three months to June 2022.
- Borrowers paid £128 million a day in interest in May 2022.
- 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.
- 32.1 mortgage possession claims and 25.5 mortgage possession orders were made every day in England and Wales in January to March 2022.
- 211 landlord possession claims and 144.2 landlord possession orders were made every day.
Arising from Coronavirus pandemic
During the pandemic, health, economic and policy impacts have interacted with each other. The UK is also currently facing a worsening cost of living crisis – with rising inflation arguably linked to pandemic-related economic disruption. Following are some striking numbers that have emerged in the last few weeks:
The total spend on credit cards in April 2022, an increase of 28.3% on the previous April. There were 320.7m credit card transactions in April 2022, 23.7% more than the previous year (UK Finance).
The percentage of new clients receiving debt advice from StepChange in May 2022, who reported that they held at least one credit card debt at the time of advice (StepChange).
The proportion of UK households who now have an average shortfall of £60 a week between what they earn and what they need to cover essentials such as energy bills, rent, transport and food, as the rising cost of living leaves people with the lowest amount of spare cash in almost five years (Centre for Business and Economic Research).
The proportion of clients seeking debt advice from StepChange in May 2022 who cite a ‘lack of control over finances’ as their most common reason for debt. An increase in the cost of living is cited as the second most common reason for debt, at 16%. In May 2021 just 6% of clients gave this reason (StepChange).
Households on the lowest income will be forced to spend this proportion of their budget after housing costs on gas and electricity in 2023/24, compared to just 12% two years previously (The Joseph Rowntree Foundation).
Statistics Source: http//www.themoneycharity.org.uk
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