In the latest report from TDX and Equifax, some interesting stats around mental health and financial difficulties. Also a little shocked at the volume of unclaimed benefits.
Key Summary Points
One in three customers experience outgoings that exceed their monthly income.
Mental health and money problems are closely linked, with almost half of consumers in problem debt having mental health conditions.
Increased disclosure of vulnerability to debt collection agents indicates the need for tailored support.
Mortgage lenders are preparing to assist customers facing mortgage payment increases.
Digital services play a role in debt collection, but there is room for improvement.
Approximately £18 billion in income-related benefits go unclaimed annually.
Social tariffs provided by water companies and telecom providers are underutilized, with only 3% of Universal Credit recipients benefiting from them.
Financial education and training are crucial in empowering individuals to manage their financ...
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