60% of adults in the UK (30 million people) know what it's like to be penniless
• The most common reason cited for running out of money was 'income only just enough to live on' (31%)
• Men are three times as likely to feel angry about being skint
Recent research by Debt Advisory Centre (http://www.debtadvisorycentre.co.uk) shows that 60% of the UK adult population (equivalent to around 30 million people) know what it's like to truly run out of money. 10 million people say they find themselves penniless 'from time to time' or 'regularly'.Â
The research defined 'skint' as:
•No money in the bank
•Very little or nothing in your purse or wallet
•No access to other money
The most common reasons for running out of money are that people's incomes are only just enough to live on (31%), unexpected bills and expenses (16%), overspending (15%), redundancy and unemployment (11%) and trying to keep up with debt repayments (11%).Â
It seems men and women do react differently to being truly skint. For example, women are 39% more likely to feel upset or worried and 15% more likely to feel panicky. Men, on the other hand, are 20% more likely to feel depressed about it, and 3 times as likely to feel angry.Â
Ian Williams of Debt Advisory Centre said: "Being 'skint' can lead to a range of different problems, such as social isolation, depression, legal problems and eviction. It can be the worst feeling in the world.
"Our research found that over three million people have ended up penniless because they're trying to keep up with debt repayments. But there's often no need for these people to struggle like this. Lenders are more willing to compromise than many people might think, and there is plenty of debt advice and support available to help people find a solution.
"Talk to a debt expert and find out how they could help you and the sooner you take action, the better."
* OnePoll Research carried out a survey of a representative sample of 2,000 UK adults on 24th May 2013. Figures have been extrapolated to fit ONS 2013 population projections of 50,371,000 UK adults.
-Ends-
Notes to Editors
Debt Advisory Centre is part of Think Money Group and offers debt solutions from leading providers Gregory Pennington (debt management plans), Freeman Jones (IVAs) and Wilson Andrews (Scottish solutions including Trust Deeds and the Debt Arrangement Scheme (DAS)). As one of just 11 competent authorities nationwide, the Group is also able to offer Debt Relief Orders (DROs).
Established in 1993, the Group employs over 1,000 staff today. It has helped hundreds of thousands of people tackle their debt problems and is currently helping over 70,000 customers get out of debt.
Gregory Pennington was a founder member of DEMSA, the Debt Managers Standards Association, whose aim is 'to encourage the highest standards within the Debt Management Industry'. Fully committed to adopting the recently released Debt Management Plan Protocol, the company remains a DEMSA member today, as does Freeman Jones.
A certified Investor in People, Think Money Group has made the Sunday Times' Best Companies To Work For list in each of the past seven years. It has also been awarded accreditation by the National Skills Academy for Financial Services 'in recognition of their excellent in-house training provision'.Â
For more information, visit the Debt Advisory Centre website at www.debtadvisorycentre.co.uk. Â Â
Contacts:
Debt Advisory Centre
Ian Williams
Ian.Williams@debtadvisorycentre.co.uk
Tel: 07855 214851
