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