Debt at the close of 2020

Debt at the close of 2020 2.25 MB

Many people are leaving the year 2020 significantly worse off than they entered it.

The pandemic and the lockdowns that came with it led to income losses for 1 in 3 households.

For some, this was because they were furloughed or made redundant, for others it was because they needed to shield or care for loved ones.

For many people, income shocks came as a result of following the rules to keep us all safe. The result is that people are struggling to pay their bills.

Over 7 million people are behind on their bills at the end of 2020.

Two-thirds of UK adults agree that people who have fallen into debt because of coronavirus should get help from the government to pay it back.

The government urgently needs to take a coherent approach to help people deal with their coronavirus debts. The government should look to coordinate across departments to ensure people have access to the financial support they need coming out of the pandemic.