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|February Money Statistics from The Money Charity|
|Wednesday, 22 February 2017|
7.279 million: Employees had joined a pension scheme under auto-enrollment by the end of December 2016
0.15%: The record low interest rate on an instant access savings account
22,852: The number of individual insolvencies in England and Wales in Q4 2016
1.597 million: The number of people classed as unemployed between October and December
1.8%: The rate of inflation in January
5.6%: The average savings rate in Q3 2016
£1.78: The amount of interest someone on the average salary would get if they saved 5.6% of their income and put that in an instant access account for a year after tax
£3.25: The sum spent per household every day on water, gas and electricity
£20,908: Was spent every second using debit and credit cards
Everyday in the UK
2799 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £1,711.
1,315 people a day reported they had become redundant between October and December.
Borrowers would repay £138 a day in interest over a year, based on December 2016 trends.
52 mortgage possession claims and 32 mortgage possession orders are made every day.
336 landlord possession claims and 268 landlord possession orders are made every day.
Personal debt in the UK
People in the UK owed £1.516 trillion at the end of December 2016. This is up from £1.466 trillion at the end of December 2015 – an extra £995.53 per UK adult.
According to the Office for Budget Responsibility’s November 2016 forecast, household debt is predicted to reach £2.294 trillion in Q1 2022. This makes the average household debt £84,964 (assuming that the number of households in the UK remained
the same between now and then).
Total net lending to individuals by UK banks and building societies rose by £3.8 billion in December 2016 – or £123m a day.
Mortgages, rent and housing
Outstanding mortgage lending stood at £1.323 trillion at the end of December. This is up from £1.287 trillion a year earlier.
According to the Council of Mortgage Lenders, gross mortgage lending in December totaled an estimated £20.4 billion.
Nationwide estimate that house prices rose by 0.2% during January 2017, and were up 4.3% on 12 months ago.
The average first-time buyer borrowed 3.49 times their income and the average first-time buyer loan was an estimated £136,000.
Savings and Pensions
In Q3 2016, households saved an average of 5.6% of their post-tax income, including benefits, over the full year of 2015 this was 6.6%.
According to the Family Resources Survey, 42% of adults actively participated in a pension in 2014/15, up 5% on the previous year. This was 60% for employees, and 16% for the self-employed.
Around 9.45m (35%) households have no savings, while a further 2.97m (11%) have under £1,500. 68% have less than £10,000 in savings.
Spending and Loans
During November 2016 an average of 481 purchases were made in the UK every second using debit and credit cards, based on figures from the UK Cards Association.
In Q3 2016, households in the UK spent £87.84m a day on water, electricity and gas – or £3.25 per household per day.
The average APR for a £5,000 personal loan is 9.51%, according to the Bank of England. For a £10,000 loan it’s 3.74%, while the average rate for an overdraft is 19.70%.
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