Record number of people in financial distress

The number of people experiencing financial distress has increased to the highest level recorded by R3’s Personal Debt Snapshot.  R3 is the trade body for Insolvency Professionals which represents 97% of the UK’s Insolvency Practitioners.

The headline figures show that:

  • 36% of people believe that their financial situation will worsen over the next six months
  • 32% of people are now saving less than they used to – this equates to 15 million people
  • 6 million are behind with their bills and payments – an increase of 2 million over the last quarter
  • 8 million will go into their overdraft this month
  • 5 million fear redundancy
  • 2 million are going into an unauthorised overdraft this month

 

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