New figures from StepChange reveal thousands of households’ finances already at breaking point
Industry News | 06/04/20
StepChange Debt Charity’s new 2019 Statistics Yearbook gives a snapshot of how problem debt and financial fragility were already widespread in the UK before the Covid-19 crisis, with the charity contacted by 635,091 people in 2019 – the equivalent of one person every 49 seconds. The research reveals just how vulnerable people are to changes in personal circumstances – three out of four new clients identified a life event or income shock as the main reason for their problem debt – and should act as a wakeup call to policymakers, financial firms, and the Government in light of the Covid-19 crisis. Short-term support measures are not enough to resolve the national lack of household financial resilience.