Everyday in the UK
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 £4.20 a day on water, electricity, and gas.
- 318 people a day were declared insolvent or bankrupt in England and Wales in March 2021 to May 2021. This was equivalent to one person every 4 minutes & thirty one seconds.
- In Northern Ireland in April 2021, there were 6.5 insolvencies per day and in Scotland 17.6 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 1,735 debt issues every day in the year to May 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 674 per day in the twelve months to April 2021.
- 1,247 people a day reported they had become redundant in February to April 2021.
- Net lending to individuals and housing associations in the UK grew by £38.7 million a day in April 2021.
- Government debt increased by £677 million a day in the year to May 2021.
- Borrowers paid £121 million a day in interest in April 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:
2.86 million The drop in number of people working in May 2021 compared with January 2020, comprising 1 million partially furloughed workers, 1 million fully furloughed workers, 290,000 fewer self-employed and 570,000 fewer employees (Resolution Foundation)
36 million The number of people in the UK targeted by scammers from January to May 2021, mostly via text, message or phone. Most scams involved fake deliveries or scammers pretending to be a government agency (Citizens Advice)
24% Proportion of people feeling they have made a poor decision about debt during the pandemic. This rises to 51% of those aged 18-24 (Aviva)
29% Proportion of people who have had to borrow money over the last year to replace lost income (Aviva)
+700,000 Increase in the number of people behind on their broadband bills since before the pandemic. The total behind now stands at 2.5 million. Young people and low income households are the most affected, with people on Universal Credit being nine times more likely to be behind than those not on UC (Citizens Advice)
12.6 million Number of people reporting they have increased their use of Buy Now Pay Later during the pandemic, with 8.6 million saying they plan to use BNPL more in the future. BNPL use is particularly high among young people and women (Money and Pensions Service, drawing on data from Finder and the Financial Conduct Authority)
45% Proportion of 18-24 year-olds who have used Buy Now Pay Later (BNPL) in the last year (Citizens Advice)
36% Proportion of 18-24 year-olds who had a common mental disorder (CMD) such as anxiety or depression in January 2021. This compares to 30% before Covid-19, 51% in April 2020 and 30% in September 2020 (Resolution Foundation)
28% Proportion of young people reporting poor mental health who were furloughed on pay during Covid-19, the same as for those whose employment was unaffected, showing the benefit of the furlough scheme on mental health (Resolution Foundation)
Statistics Source: http//www.themoneycharity.org.uk
We have assisted many people with personal debt in the UK – view our testimonials here https://www.griffinandking.co.uk/testimonials.php