The latest figures from the Money Advice Service (MAS) show that one in six UK adults are living with problem debt.
According to MAS, figures from a recent study reveal that people who rent a property are twice as likely to be over-indebted and that young adults aged 25-34 are the age group most likely to be living with a debt problem. The analysis also suggests that single parents are one and a half times more likely to be living with problem debt than two parent families and there is a particularly strong relationship between debt and having three or more children. The most over-indebted local authority is Sandwell in the West Midlands, where 24.7% of adults are living with debt.
Caroline Siarkiewicz, Head of Debt Advice at MAS, said: “This research breaks new ground, providing us with the most up to date look at levels of problem debt across the UK. We estimate that 8.2 million UK adults suffer with financial worries — with younger adults, larger families and single parents noticeably at higher risk”.