Debts

Treasury written question – answered on 20th December 2021.

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Photo of Matthew Offord Matthew Offord Conservative, Hendon

To ask the Chancellor of the Exchequer, what estimate his Department has made of the level of personal debt accrued by individuals in the UK as of 14 December 2021.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government regularly monitors personal debt levels to help people access the support they need to get their finances back on track. It does so by working closely with the Money and Pensions Service (MaPS), the Financial Conduct Authority (FCA) and engages regularly with a range of other stakeholders on their research and findings.

The FCA conducts a biennial Financial Lives Survey of 16,000 adults which provides a comprehensive insight into the finances of the UK population. The latest findings from the survey were published in February 2021. They showed that between March and October 2020, the number of people with low financial resilience increased by 3.5 million, from 10.7 million to 14.2 million.

MaPS monitors financial difficulty through the Debt Need Survey of approximately 22,000 people, with data on regional levels of over-indebtedness last published in 2018. MaPS will publish the results of the 2021 Debt Need Survey early next year, which will include a regional breakdown of their new Need for Debt Advice measure.

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