Everyday in the UK
Personal Debt in the UK
The population of the UK shrunk by an estimated 1,584 people a day between mid-year 2021 and mid-year 2022.
- On average, a UK household spends £3.44 a day on water, electricity, and gas.
- 333.4 people a day were declared insolvent or bankrupt in England and Wales in May to July 2024. This was equivalent to one person every 4 minutes and 20 seconds.
- In Northern Ireland in the three months to June 2024, there were 4 insolvencies per day. In Scotland in the three months to June 2024 there was 22.3 insolvencies per day.
- Citizens Advice Bureaux in England and Wales dealt with 1,222 debt issues every day in the year to July 2024.
- 10.77 properties were repossessed every day in April to June 2024 in the UK, or one every 2 hours and 20 minutes.
- The number of UK mortgages with arrears of over 2.5% of the remaining balance increased by 38.8 a day in the year to June 2024.
- The number of people unemployed in the UK increased by 121 per day in the twelve months to June 2024.
- 901 people a day reported they had become redundant in April to June 2024.
- Net lending to individuals and housing associations in the UK grew by £126 million a day in June 2024.
- Government debt increased by £517 million a day in in the three months to July 2024.
- Borrowers paid £218 million a day in interest in July 2024.
- It costs an average of £25.28 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 £33.54 per day.
- 55.8 mortgage possession claims and 35.2 mortgage possession orders were made every day in England and Wales in April to June 2024.
- 262.7 landlord possession claims and 198.5 landlord possession orders were made every day.
Arising from the current climate
The UK has undergone a significant degree of political and financial turmoil over the past few years. The pandemic and ongoing cost of living and energy crises, among other events, have affected the lives and finances of many people across the UK. Following are some striking statistics, curated over the last few weeks to reflect the situation as it evolves:
1.9 million
The number of UK pensioners living in relative poverty; this represents 16% of all UK pensioners (Age UK).
7%
The percentage of young people receiving Financial Education in dedicated personal finance lessons. Financial Education is more likely to form part of PSHE (12%) or Economics (17%) lessons (Young Money Index).
53%
The percentage of individuals who do not know how much money they will need in retirement (Pensions and Lifetimes Savings Association).
70%
The proportion of disposable income that the poorest fifth of the population households with dependent children have to spend to afford the NHS’ recommended nutritious diet (Barnardo’s).
£107,800
The average pension pot required in 2023-24 to meet a basic standard of living in retirement, rising 60% from £68,300 in 2020-21 (Living Wage Foundation).
86%
The percentage of adults reporting the cost of living as one of the most important issues facing the UK in August 2024; 49% reported that their cost of living had increased in the previous month (ONS).
93%
The percentage of adults who reported that the cost of food shopping has increased their overall cost of living (ONS).
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
