Helping households in debt
Article
In this report, we examine how the financial impacts of Covid-19 may affect people in different demographic groups and regions and explore experiences of debt and household finance before and during the pandemic.
Across the UK, certain demographic groups are more vulnerable to financial difficulties as a result of the Covid-19 crisis. This includes people who were already worse off before Covid-19, showing another way in which the pandemic has deepened existing inequalities. We also found variations between UK regions in levels of pre-pandemic indebtedness and vulnerability to problem debt.
Our recommendations focus on actions to mitigate the impacts of the pandemic and to help people manage their finances. These should be read in the context of a view that the government needs to support adequate incomes through job protection and creation, and strengthening the social safety net.
Related items
Taken to heart: Inequalities in heart disease in Scotland
More than 7.6 million people across the UK live with cardiovascular disease (CVD), around twice as many as live with Alzheimer’s disease and cancer combined.Skills passports: An essential part of a fair transition
This month, government will publish its Clean Energy Workforce Strategy. This plan covers two aims. First, filling the growing demand for skills in clean energy industries is essential to keep on track to reach the government’s clean power…Fixing the leak: How to end the £22 billion annual taxpayer losses at the Bank of England
The Bank of England increased its interest rates over recent years, aimed at reducing inflation. But this has also had an unintended effect on the Bank of England’s massive government bond buying – ‘quantitative easing’ – programme.