Sadly this was the last one ever of this report..
Summary
Published by The Money Charity, this report provides a monthly overview of UK personal debt, spending, and savings, offering insights into financial pressures amidst rising costs and economic challenges. The statistics cover topics such as inflation, debt trends, housing affordability, and financial well-being, serving as a resource for policymakers, financial institutions, and consumers.
Key Take Aways
- Inflation Rate: 2.3% in the year to October 2024.
- Personal Debt: UK personal debt stands at £1.871 trillion, with average household debt of £65,865.
- Consumer Credit: Credit card debt has risen to £72 billion, with APR rates averaging 24.55%.
- Housing Market: The average UK house price increased by 4.8% year-on-year to £298,083.
- Rent Increases: Private rents rose 8.7% over the past year, with the median rent in London at £2,172 per month.
- Energy Costs: Households spend £5.20 per day on utilities, up by 1.57% from the previous year.
- Savings: The average interest rate for instant access savings accounts is 2.6%, while households saved 9.82% of post-tax income in Q2 2024.
- Insolvencies: 326 insolvencies occur daily in England and Wales, marking an 18% increase over the previous year.
- Employment Trends: Unemployment rose by 79,000 compared to the previous year, with 978 redundancies per day.
- Cost of Living: Average household spending in December increases by £713 compared to other months.
Innovation
- Savings Initiatives: Programs like Halifax’s “Save The Change” added £68 million to savings in 2024.
- Digital Payment Trends: Contactless transactions now account for 66% of credit card and 77% of debit card payments.
Key Statistics
- Average unsecured debt per adult: £4,308.
- Interest payments on personal debt: £223 million per day.
- Credit card debt increased by 5.84% in the year to October 2024.
- Average cost to raise a child: £39.54 per day for a couple family, £44.26 for a lone parent.
- Consumer confidence in housing affordability remains pressured by increasing rents and mortgage rates.
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