New research by R3, the insolvency trade body, has revealed that over one third (36%) of British adults say they often or sometimes struggle to payday. The research also shows that 39% of adults in the UK say they are at least ‘fairly worried’ about their current level of debt.
Whilst these findings are cause for concern, with a significant proportion of people struggling with debt and concerned about their finances, these figures are actually a big improvement on previous years. In May 2012, a record 51% of British adults said that they often or sometimes struggle to payday. The number of people who are ‘fairly worried’ about their current level of debt is at the lowest level since records began in 2010.
Attitude to debt was also influenced by age: younger adults are more likely than older adults to be worried about debt. Half of 18-44 year olds (50%) say they are worried, compared to a third of 55-64 year olds (34%) and one in six of those aged over 65 (17%).
These figures are encouraging, as they show reduced numbers of people being worried about debt and struggling to get from month to month. However, they are also cause for concern, as despite rising wages, low inflation and very low bank interest base rates, over a third of adults are still worried about their finances.