Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Debt
February 1 2018

Household debt rises by seven per cent

Emily Perryman News, Personal Finance News debt, millionaires, Office for National Statistics

THE AGGREGATE level of household debt in Britain reached £1.23trn in the period July 2014 to June 2016, seven per cent higher than in the preceding two year period, official figures show.

Financial debt (credit cards and loans) accounted for £117bn of the total, representing an increase of 15 per cent, while property debt rose by six per cent to £1.12trn.

The data from the Office for National Statistics (ONS) shows that in July 2014 to June 2016, 49 per cent of the population had some form of financial debt and 35 per cent had some form of property debt.

The level of debt from loans stood at £42.9bn, which was 12 per cent higher than in the period July 2012 to June 2014.

Read more: P2P lenders are not to blame for debt crisis

The ONS also looked at the impact of debt on households’ finances.

Nine per cent of households said they found their financial debts to be a “heavy burden”, 21 per cent said they were somewhat of a burden and 70 per cent found their debts not to be a problem at all.

Overall, there has been a decline in the proportion of respondents with financial debt who consider it to be a burden.

The age group with the highest proportion of individuals with financial liabilities was 35 to 44 year-olds at 50 per cent, followed by 25 to 34 year-olds at 49 per cent. Only 14 per cent of people aged 65 and over had financial liabilities.

Read more: OECD calls for borrowing caps to tackle consumer debt

The ONS statistics also reveal the number of British households that consider themselves to be millionaires has risen by 29 per cent to 3.6 million.

The median average wealth per British household, after borrowing is taken into account, was £259,400 in July 2016, up 15 per cent from two years earlier.

Read more: One fifth of world’s ultra-wealthy looking for new investments

Assetz Capital backs action against landbanking RateSetter starts preparing investors for IFISA launch

Related Posts

economy

News, SME News, Top 3

Business leaders warn of longer economic recovery

Smiling African American businesswoman writing notes in her day

Industry News, News, Top 3

Investing in Women Code helped female-led firms during Covid

Homepage of fca org website on the display of PC, url - fca.org.uk.

Industry News, News, Top 3

FCA boosts ESG and technology knowhow with three new recruits

Popular posts:

  • Metro Bank starts offering RateSetter loans in its branches
  • Business Loan Network appoints administrators
  • Assetz Capital launches new bridging product
  • Funding Circle chief turns down £190,000 pay rise
  • PwC brings fintechs together for collaboration
  • FCA director says “there is more change to come”
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by