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StepChange commissioned national polling in September 2020 to understand how coronavirus has affected personal finances six months into the pandemic in the UK.
The government and regulators have taken unprecedented steps to put in place support since the beginning of the coronavirus outbreak in the UK in March, but we found that a personal debt crisis is emerging.
Here, you can find some of the key findings from our latest research:
2.5 million people are facing a financial crisis due to the impacts of coronavirus. The number of people whose income has been affected negatively by coronavirus in severe problem debt has nearly doubled since the beginning of the outbreak to 1.2 million people.
The number of those affected who have fallen behind on essentials or borrowed to make ends meet has increased from 4.6 to 5.6 million. We estimate that the amount of arrears and borrowing among this group attributable to the impact of coronavirus is £10.3 billion.
One in three (33%) of those affected has borrowed to make ends meet, which may delay problems now but increases the likelihood of more severe debt problems later.
17% of those who financial situation has been negatively impacted by coronavirus have experienced one or more forms of hardship since March, including going without meals and rationing basic utilities.
For further demographic and debt information, please read the full report.
Download the report
Or email us to discuss our coronavirus personal debt statistics and other debt research across the UK.