2020’s Financial Pressure on Households

The Money Charity reports “Through 2020, 30.4% of UK households have experienced an income reduction, while 5.6 million people have fallen into arrears or borrowed to make ends meet. 700,000 are now reported to be in rental arrears, with half of those having been served an eviction notice or spoken to about eviction by their landlord.”

“These challenges to income levels sit alongside a weakening UK labour market, adding extra financial pressures, with the number of unemployed people increasing by 243,000 in the three months to September while 314,000 people were made redundant in the same period. Looking specifically at younger people, between February and September 2020, the number of 18-24 year-olds in employment fell by  231,000 while 512,000 were unemployed between July and September, 13.6% of the total in this age group.”  Read the full article.