In Focus Consumer Credit
Figures show debt growth
In total, £9.2bn of new debt taken on in past six months, with 25-39s struggling the most
Emma Walker Chief marketing officer, LifeSearch
In the new quarterly update of our Health Wealth & Happiness Study, we have found that 14% of British people have taken out new debt (8% short term borrowing such as credit cards, store cards, and 7% longer term borrowing such as personal loan) in the last six months. Of those that have borrowed more in the last six months, the average sum borrowed was £208 per month. Across the UK that is a £1.5bn a month and a total of £9.2bn in new debts over the past six months.
Generation Y The number taking on new debt rises among Generation Y (aged 25-39) – almost a quarter (23%) have taken on new debts in the last six months, and they have taken on more too – £244 a month.
Proportion of British adults that have saved, paid off debt and so on over the last six months and average sum/saved borrowed each month
But it is not all doom and gloom; 14% of
British people have repaid debts in the last six months, rising to 20% of Generation Y; an average of £319 was repaid per month, totalling £2.4bn nationwide, and rising to £469 per month among the over-55s. A further 7% have overpaid on their
Britons’ Health, Wealth and Happiness has reached its highest level since the Covid-19 pandemic began, rising 22% in the last quarter to a reading today of 91.4, according to the our Health Wealth & Happiness Index compiled with the Centre for Economics and Business Research (Cebr) and dating back to 2011
22
mortgage, rising to 11% of men and 12% of Generation Y, at an average rate of £319 per month. Furthermore, 39% of British people claim
to have saved some money in the last six months, on average, £281 totalling £5.8bn a month, which over the six months is £34.6bn.
Health, wealth, and happiness Britons’ Health, Wealth and Happiness has reached its highest level since the Covid-19 pandemic began, rising 22% in the last quarter to a reading today of 91.4, according to the our Health Wealth and Happiness Index compiled with the Cebr and dating back to 2011.
www.CCRMagazine.com
Encouraging It is encouraging to see the nation’s health wealth and happiness begin to recover again after a long period of uncertainty and anxiety for so many. Unlike the other indices, the Wealth
Index has not experienced record lows yet since the pandemic began but it is likely the forthcoming end to furlough and the stamp duty holiday will be felt in the months to come. While the record levels of household
savings seen in 2020 have fallen as spending has recovered, we have found that a significant number of people are still choosing to save, overpay on their mortgage and repay debts, particularly among Generation Y.
Improvements While all the three indices reported improvements in the last quarter (April- June 2021) our Wealth Index recorded the
August 2021
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
