Half of West Midland adults worried about debt claims insolvency body

HALF of all adults in the West Midlands are worried about their level of debt, insolvency trade body R3 has said.

New research by the body shows that credit card payments, overdrafts, mortgage repayments and bank loans top the list of financial concerns, with a quarter of adults saying they expect their personal finances to worsen over the next six months.

The R3 survey also reveals that just under half of adults in the region say they are struggling to make it to payday, with over 60% of them blaming the rising cost of food and household energy bills.

R3 Midlands chairman Richard Philpott, a partner at KPMG, said:  “There is some good news in that optimism is rising amongst younger age groups and professionals, perhaps encouraged by news of an improving economy and falling inflation.  

“However, the R3 research shows older age groups and unskilled workers are more negative about the prospects for their personal finances.

“Inflation may be dropping, but the cost of living is still too high for those on minimal or fixed incomes. Low interest rates can help businesses and young borrowers, but they aren’t helping those living in retirement who rely day-to-day on their savings.”