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

PRINCIPAL TRANSPORT PLANNING OFFICER

Hull City Council
£43693 - £46731
We have an exciting opportunity for an experienced professional to join our team in Hull as a Principal Transport Planning Officer. Kingston upon Hull, East Riding of Yorkshire
Recuriter: Hull City Council

HIGHWAYS AND TRAFFIC ENGINEER - 4 POSTS

Hull City Council
£43693 - £46731
We have several exciting opportunities for suitably qualified Highways Civil Engineers and Traffic Engineers Wilson Centre, 1st floor, Hull HU1 2AG
Recuriter: Hull City Council

Strategic Director, Finance and Resources (S.151 Officer)

Blackburn with Darwen Borough Council
£110,799 - £120,706
Blackburn with Darwen is a distinctive, welcoming and vibrant borough with a strong identity and a genuine buzz about the place. Blackburn, Lancashire
Recuriter: Blackburn with Darwen Borough Council

Residential Worker, Edge of Care Service

Durham County Council
Grade 7 £29,093 - £32,654 PAY AWARD PENDING
Join a Groundbreaking Team Supporting Families in Seaham Salary
Recuriter: Durham County Council

Bikeability Cycling Instructor

Durham County Council
Grade 4 £24,790 to £25,992 pro rata (Pay Award Pending)
The Road Safety Team are keen to recruit additional Casual Bikability Instructors to join our team of instructors delivering Bikeability cycle trainin Durham
Recuriter: Durham County Council
Linkedin Banner