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Creditfix LB 03-2017

Over 8 million UK Consumers in Financial Difficulty

Around one in six adult consumers in the UK are in financial difficulty and living with problem debt.

According to the latest over-indebtedness figures from the Money Advice Service and CACI report, 8.3 million adults in the UK are living with a debt problem, making up 15.9 per cent of the population. This marks an increase from 15.4 per cent in 2016.

Whilst the lowest proportion of over-indebted residents live in the South East at 13.3 per cent, the next-door London area is host to the most over-indebted local authority areas in Newham and Tower Hamlets, where 22.7 per cent of residents have debt problems.

Sandwell in the West Midlands cam next, with 22.1 per cent of residents in financial problems.

Residents of East Dorset (9.7 per cent), Mole Valley, Surrey (9.9 per cent) and Chiltern, Buckinghamshire (9.9 per cent) are reported to have the lowest proportion of over-indebted residents in the UK.

The most over-indebted areas in the United Kingdom were seen to be the North East and Wales, where 17.7 per cent of people were suffering with debt. Followed closely by London at 17.2 per cent and the North West at 16.9 per cent.

Director of Debt at the Money Advice Service, Sheila Wheeler, said: ‘This research tells us that one in six people in the UK have financial worries, a figure that stands at over 8.3 million. Debt is a complex challenge and one that needs a collaborative approach if we are to successfully address it.’

She continued: ‘We gather this insight to understand where the greatest areas of need are to help us ensure we commission debt advice as effectively as possible. To support this, a new strategic approach to debt advice commissioning is underway, in addition to a major review of debt advice funding independently led by Peter Wyman. Over time, and with the support of our partners, we hope to help more of the 8.3 million people who are struggling.’

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