William Eichler 06 July 2022

Two million households miss payments

Two million households miss payments image
Image: Cast Of Thousands/Shutterstock.com.

An estimated two million or more households have missed a bill payment every month this year, consumer watchdog finds.

Research by Which? has found that consumer confidence in the economy has hit its lowest point since the start of the pandemic, as the cost of living crisis and price rises put households under increasing amounts of pressure.

Just 8% of consumers said they thought the UK economy would improve over the next 12 months, while nearly eight in 10 (78%) thought it would worsen – giving a net confidence of -70 compared to -47 in May.

Particularly worrying was the finding that an estimated 2.1 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill in the last month. This marks the sixth month this year that an estimated two million or more households have missed a payment.

The majority of consumers across all income groups said they had made an adjustment to cover essential spending in the last month.

This was most common among consumers in households surveyed with an income of up to £21,000 (64%) but more than half (57%) of consumers surveyed with a household income of over £55,000 had made at least one adjustment.

Rocio Concha, Which? director of policy and advocacy, said: ‘Our research shows that a relentless cost of living crisis is continuing to put huge pressure on household finances – with consumer confidence in the economy plummeting to its lowest point since the pandemic.

‘These pressures are especially apparent among the most financially vulnerable – with around two-thirds of those on incomes of £21,000 or lower saying they’ve had to make at least one financial adjustment to cover essentials in the last month.

‘The Government and businesses must ensure that targeted support reaches the ever-growing number of consumers struggling to make ends meet.’

SIGN UP
For your free daily news bulletin
Highways jobs

Chief Executive

Ebbsfleet Development Corporation
up to £165,000
Ebbsfleet is one of the UK’s most ambitious regeneration projects, a 21st-century Garden City Ebbsfleet, Kent
Recuriter: Ebbsfleet Development Corporation

Virtual School Inclusion Support Officer

Essex County Council
£32768.0000 - £38550.0000 per annum
Virtual School Inclusion Support OfficerPermanent, Term Time£32,768 to £38,550 per annum (full time equivalent)Location
Recuriter: Essex County Council

Senior Business Development Officer

Essex County Council
£36341.0000 - £42754.0000 per annum
Senior Business Development Officer - Integrated Passenger Transport UnitFixed Term, Full Time£36,341 to £42,754 per annumLocation
Recuriter: Essex County Council

Adults Social Worker - Neighbourhood Team

Essex County Council
£37185 - £50081 per annum + Flexible Working, Hybrid Working
Interview dates
Recuriter: Essex County Council

Investment Marketing and Web Officer CDC

City Of Doncaster Council
Grade 8, £33,708 - £37,399
The postholder should be experienced in planning social media activity, refreshing web content and analysing their impact. Doncaster, South Yorkshire
Recuriter: City Of Doncaster Council
Linkedin Banner