Our Managing Partner, David Harrison, has talked to the Daily Express about personal debt in the UK and the Savings Gap.
The news feature highlighted that people are adding £10 a day to their debt burdens. Our Savings Gap research was used, demonstrating that “the average person’s debt grew by £560 in the first quarter of 2017.”
Our research shows that debts aren’t piling up because of extravagance. In terms of numbers, “The average debt is £1,797, with men (£1,960) seemingly less concerned about getting into debt than women (£1,645).”
David Harrison offered his thoughts on these findings, saying “Personal debt is the elephant in the room. Consumer confidence and spending have been creeping up but there is growing concern that it is built on quicksand in the shape of rising individual debts.
“Underpinning this is easy access to debt, the costs of which are poorly understood.
“But this is not just about people splashing cash they don’t have. A big worry is the proportion of people needing debt just to get by.
“That’s a bubble waiting to burst. The cost of living is 2.7 per cent higher today compared to a year ago, adding an extra £468 to household bills.”
In our mission to close the Savings Gap, we partnered with the Open University, and have helped 250,000 people to learn more about finance.
You can learn more about our research by reading the article in full on The Daily Express.