Do you live in one of the UK’s most indebted areas?
Recent figures released by the Money Advice Service has pinpointed the most indebted areas throughout the UK. 1 in 6 adults or simply translated to over 8 million UK adults struggle to keep on top of their borrowing and monthly bills.
Those most likely to be over indebted are people that rent a property, single parents and families with 3 or more children. The figures suggest that adults with children are 50% more like to be in debt than adults without any children or dependents.
Individuals that rent accommodation are most likely to be in debt in particular those that rent social housing 29% compared to individuals that rent from a private landlords with an 8% decrease at just 21%.
Over 160,000 people took part in the survey conducted by the Money advice service which captured different information such as age, income, homeowner status and monthly borrowing amount.
The figure shows the areas of Britain that are most likely to fall into debt.
The figures released show a direct correlation in the amount of people in debt that are actively applying for various payday loans as an attempt to cover persistent monthly overheads and previous borrowing rates.
The latest findings come on the back of a report that suggested a “Savings Crisis” as half of the population in Britain does not have a financial cushion to fall back on which many finance experts have identified as the main reason for individuals opting for payday loans and short term finance to help with their monthly cash flow.
In addition to this 20% of people admit that they have been unable to make adequate plans for their retirement with many people unable to actively contribute to a monthly pension plan due to already tight finances.