Consumers are expecting to be worse off in 2020 | moneyfacts.co.uk

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MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 23/10/2019

With personal debt levels in the UK already growing, a worrying one in three (29%) of British consumers are expecting their finances to get worse in 2020.

The YouGov poll, which was carried out on behalf of StepChange Debt Charity, also revealed that just 14% of consumers believed that their financial situation would improve next year.

Last month, StepChange Debt Charity released data that showed that a record number of 331,337 people had contacted the charity in the previous six months seeking help for their debt and, of these, 190,484 were new clients who received full debt advice. This data also showed that the average level of unsecured personal debt increased by 2% to £13,799 in the period April - September 2019.

Reluctance to talk about debt problems

In its most recent poll, the debt charity found that nearly two in five (38%) of consumers said they would want to deal with financial difficulties privately, while just over a half (52%) would discuss them with their partner or family. The poll also found that men were more reluctant than woman to share their financial difficulties, with 42% of men preferring to deal with them privately compared to 34% of women.

Richard Lane, director of external affairs at StepChange Debt Charity, said: “The number of people seeking debt advice from StepChange is growing every year, but we understand that the way individuals prefer to get help varies.

“We know that for some, money can be a tricky thing to discuss. Online debt advice allows individuals to tackle their money problems discreetly and efficiently – an absolute necessity in the digital age. The more people who can access debt advice in the way that feels easiest for them, the quicker we can reduce the number of people facing problem debt.

“Debt is a problem which can affect each and every one of us, so it’s only right that the services to tackle debt should therefore be accessible to all. If you find it difficult to talk about debt, don’t worry, we hear you – and we’re here to help.”

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