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 £4.12 a day on water, electricity, and gas.
- 313 people a day were declared insolvent or bankrupt in England and Wales in July 2022 to September 2022. This was equivalent to one person every 4 minutes & 36 seconds.
- In Northern Ireland in September 2022, there were 5.1 insolvencies per day and in Scotland in the three months to June 2022 there was 22.4 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 2,031 debt issues every day in the year to September 2022.
- 6.9 properties were repossessed every day in April to June 2022 in the UK, or one every 3 hours and 28 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance rose by 21.5 a day in the year to June 2022.
- The number of people unemployed in the UK fell by 625 per day in the twelve months to August 2022.
- 815 people a day reported they had become redundant in July to September 2022.
- Net lending to individuals and housing associations in the UK grew by £317.9 million a day in September 2022.
- Government debt increased by £466 million a day in September 2022.
- Borrowers paid £139 million a day in interest in September 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.
- 38.2 mortgage possession claims and 26.2 mortgage possession orders were made every day in England and Wales in April to June 2022.
- 200 landlord possession claims and 157.4 landlord possession orders were made every day.
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:
44%
The proportion of StepChange’s clients who were behind on personal loans at the time of advice in September 2022, a decrease from August 2022 (StepChange).
28%
The percentage of families with no savings who said they would be unable to cope with an unexpected expense, while 32% said they would need to need to turn to friends and family if faced with an unexpected expense, compared with just 3% of those with sufficient savings (Resolution Foundation).
¼
The proportion of students who have reported taking out new debt in response to the cost of living crisis, either by borrowing more or using additional credit. Of these, two-thirds (66%) said their student loan was not enough to live on (ONS).
50%
The increase in ‘hand-over’ enquiries received by Dog’s Trust in 2022, as pet owners are faced with increases in the cost of living and are less able to afford care for their pets (Dog’s Trust).
£5.6 billion
The amount spent using Buy Now Pay Later services in the UK between January at June 2022. In 2021, this amount wasn’t reached wasn’t reached until October (Credit Karma).
42%
The percentage of people using Buy Now Pay Later services who in turn are borrowing from other sources to make repayments (Citizen’s Advice).
58%
The percentage of people living in the most deprived areas of the UK who reported spending less on food and essentials, compared with a third of those living in the least deprived areas (ONS).
Statistics Source: http//www.themoneycharity.org.uk
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