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Money Statistics for January 2016

Some people, often through no fault of their own, find themselves with debts they struggle to repay. We understand how money worries affect everyday life and that facing up to financial challenges can be extremely difficult and stressful. Seeking help is not easy but, from our experience, it really is an important step. You should be reassured to know that there are options available and, with the right advice and support, you can look forward to a more financially secure future.

The following economic statistics have been compiled by the Money Charity and they provide an insight into consumer spending, savings and debt in the UK:

Striking numbers

  • 2.7%: The average rent rise in the 12 months to September 2015
  • 0.1%: (A bit of) Inflation returned in November
  • £52.19: The cost of filling a 50 litre petrol tank – a six year low
  • 0.5%: The rate of growth in the UK economy in Q3 2015
  • 4.4%: The average proportion of their post-tax income, including benefits, UK households save.
  • £103.26: In Q2 2015, the amount households in the UK spent a day on water, electricity and gas
  • 81 months: The period of time the Bank of England base rate has been at 0.5%
  • 178.15 billion: The outstanding sum of consumer credit at the end of November
  • £30,890: The average first-time buyer deposit

Everyday in the UK

  • Borrowers would repay £145 million a day in interest over a year, based on November 2015 trends.
  • On average, a UK household spends £3.78 a day on water, electricity and gas.
  • 54 mortgage possession claims and 37 mortgage possession orders are made every day.
  • The number of people unemployed for over 12 months fell by 115 per day in Q2.
  • Citizens Advice Bureau in England and Wales dealt with 4,097 new debt problems every day during the quarter ending September 2015.
  • 9m cash machine transactions were made every day in October with a value of £361m.

Personal debt in the UK

  • People in the UK owed £1.458 trillion at the end of November 2015. This is up from £1.423 trillion at the end of November 2014 – an extra £708.35 per UK adult.
  • The average total debt per adult – including mortgages – was £28,877 in November - around 113.3% of average earnings. This is up from a revised £28,829 in October.
  • Total credit card debt in November 2015 was £63.1. Per household this is £2,3336 – for a credit card bearing the average interest, it would take 25 years and 5 months to repay if you made only the minimum repayment each month.
  • The minimum repayment in the first month would be £56 but reduces each month. If you paid £56 every month, the debt would be cleared in around 5 years and 5 months.

Mortgages, rent and housing

  • The estimated average outstanding mortgage for the 11.1m households with mortgage debt was £115,581 in November
  • According to the Council of Mortgage Lenders (CML), the typical first-time buyer deposit in October was 16.3% (around £30,890) - 121% of an average salary.
  • The median rent in England across all property types for the 12 months to September 2015 was £625, data from the Valuation Office Agency shows. In London this was £1,400.
  • The average monthly rent for a two-bedroom house in England was £595 – in London this was £1,450 (144% higher)

Savings and pensions

  • In Q3 2015, households saved an average of 4.4% of their post-tax income.
  • If someone on the average salary saved 4.7% of their income in an average instant access savings account for a year, they would receive £3.50 in interest after tax.
  • If they saved it in an average cash ISA, they would receive £8.64.
  • The Pensions Regulator estimates that at least 5.68 million employees had joined a pension scheme under auto-enrolment by the end of November 2015.
  • The Annual Survey of Hours and Earnings reports that 59.2% of employees were receiving an employer contribution to their pension.

Spending and loans

  • In Q3 2015, households in the UK spent £103.26m a day on water, electricity and gas – or £3.78 per household per day.
  • In December 2015 it cost £52.19 to fill a 50 litre unleaded tank.
  • British Bankers Association figures show that 57.6%7 of credit card balances were bearing interest in November 2015..
  • LV’s ‘Cost of a Child’ report estimates that parents now spend a record £229,251 on raising a child to their 21st birthday - £29.91 
  • This is up 0.9% compared to last year, and has increased 63.3% since the study first began in 2003.
  • Education and childcare are the main areas of expenditure, costing £74,319 and £67,586.
  • The cost of education (including uniforms, after-school clubs and university costs) has increased 128% since 2003, while the cost of childcare has risen by 70.6%.
  • Parents now spend 29% of their annual income on raising a child.

For the full statistics please visit the Money Charity site here. 

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