You think you are like everyone else when it comes to money? Think again.
Courtesy of The Money Charity, these are the UK Money Statistics for the month of May 2018.
114.4%: The average debt to income ratio per adult in the UK.
£123,870: The outstanding mortgage debt per mortgaged household.
90: The amount of LINK cash machine transactions per second in April 2018.
£58,240: The average total debt per household (including mortgages).
Every day in the UK
Net lending to individuals in the UK increased by £9.68 million a day in March 2018.
304 people a day are declared insolvent or bankrupt. This is equivalent to one person every 4 minutes and 44 seconds.
Personal debt in the UK
People in the UK owed £1.584 trillion at the end of April 2018.
- This is up from £1.53 trillion at the end of April 2017– an extra £1,026.74 per UK adult.
- Per-adult in the UK, that’s an average debt of £30,601 in April – around 114.4% of average earnings.
- This is slightly up from a revised £30,529 a month earlier.
- Outstanding consumer credit lending was £209.2 billion at the end of March 2018.
Savings and Pensions
9.614 million employees had joined a pension scheme under auto-enrolment by the end of April 2018.
The average interest rate for an instant access savings account – not including bonus interest payments – was 0.19% in February. For a cash ISA, this was 0.88%.
Spending and Loans
It cost an average of £23.61 a day for a couple family to raise a child to the age of 18.
It cost an average of £28.48 a day for a lone parent family.
For the full report, click here: http://themoneycharity.org.uk/money-statistics/Niyi Adeoshun
Money Management Coach
Author of "The Price of Financial Freedom"
(3 Essential Steps for Breaking the Cycle of Debt)