We have been producing our must read summary of UK’s money situation since 2005. The latest UK money statistics from the Money Charity can be found below. And you can find the archive here.

The Money Statistics July 2022

£64,581 Average total debt per UK household in May 2022

£2,197 Average credit card debt per household in May 2022

£3,823 Total unsecured debt per UK adult in May 2022

8.39% Change in outstanding credit card balances in year to May 2022

21.9 pence per litre Increase in the price of unleaded petrol in June 2022

9.4% Inflation rate in the year to June 2022

12.5% Increase in average first-time buyer house price in the year to May 2022

26 years Time to save for a first-time buyer house deposit, saving at the average rate out of average UK income (at January to March 2022 rate of household saving)

UK Personal Debt

People in the UK owed £1,794.8 billion at the end of May 2022.

This is up by £68.5 billion from £1,726.3 billion at the end of May 2021, an extra £1,294.72 per UK adult over the year.

The average total debt per household, including mortgages, was £64,581. 

Per adult was £33,935, around 107.7% of average earnings. This is up from the revised £33,780 a month earlier.

Based on May 2022 numbers, the UK’s total interest payments on personal debt over a 12-month period would have been £46,785 million, an average of £128 million per day.

The average annual interest per household would have been £1,683 and per person £885, 2.81% of average earnings.

According to the Office for Budget Responsibility’s March 2022 forecast, household debt of all types is forecast to rise from £2,019 billion in 2020 to £2,447 billion in 2025.

This would make the average total household debt £85,906 (assuming household numbers track ONS population projections.)

At the end of May 2022, outstanding consumer credit lending was £202.2 billion, rising by £423 million on the revised total for the previous month and £4.8 billion more than in May 2021.

Within the total, outstanding credit card debt came to £61.1 billion, an increase of 8.39% (£4.7 billion) in the year to May 2022. Credit card debt averaged £2,197 per household and £1,155 per adult.

A credit card on the average interest rate would take 25 years and 5 months to repay, making only the legal minimum repayments (interest plus 1% of the outstanding balance) each month.

The minimum repayment in the first month would be £58 but would reduce each month. If £58 were paid every month, the debt would be cleared in 5 years and 1 month.

Total net lending to individuals and housing associations by UK banks and building societies grew by £7.8 billion in May 2022 or £261.6 million a day over revised figures for April 2022.

Net mortgage lending rose by £7.4 billion in the month, while net consumer credit lending increased by £282 million.

In Q1 2022 lenders wrote off £773 million (of which £270 million was credit card debt, amounting to a daily write-off of £3 million).

Everyday in the UK

The population of the UK grew by an estimated 777 people a day between 2019 and 2020.

On average, a UK household spends £4.15 a day on water, electricity and gas.

327 people a day were declared insolvent or bankrupt in England and Wales in April to June 2022. This was equivalent to one person every 4 minutes and 25 seconds.

In Northern Ireland in June 2022, there were 4.5 insolvencies per day. In Scotland in the three months to March 2022 there were 21.0 insolvencies per day.

Citizens Advice Bureaux in England and Wales dealt with 2,031 debt issues every day in the year to May 2022.

6.4 properties were repossessed every day in January to March 2022 in the UK, or one every 3 hours and 43 minutes.

The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 22.8 a day in the year to March 2022.

The number of people unemployed in the UK fell by 986 per day in the twelve months to May 2022.

554 people a day reported they had become redundant in March to May 2022.

Net lending to individuals and housing associations in the UK grew by £261.6 million a day in May 2022.

Government debt increased by £639 million a day in the three months to June 2022

Borrowers paid £128 million a day in interest in May 2022.

It costs an average of £24.44 per day for a couple to raise a child from birth to the age of 18.

For a lone parent family, the cost of raising a child comes to £29.50 per day.

32.1 mortgage possession claims and 25.5 mortgage possession orders were made every day in England and Wales in January to March 2022.

211 landlord possession claims and 144.2 landlord possession orders were made every day.