Money Wellness
illustrated crying woman, with a hand reaching out to help her
category icondebts
calendar icon21 Mar 2024

Four in five people aren’t getting debt advice when they need it

With more and more statistics piling up about households being in debt, research from Fair4All has found that many people will struggle in silence and run the risk of getting further into debt because of it.

Fair4All polled 1,500 adults in the UK. 15% of people were unsure they’d be able to reduce what they owe within the next year, and when it comes to looking for financial help, people were more likely to speak to family (32%) or friends (25%).

But a staggering four in five (82%) people said they didn’t speak to anyone to get help or advice for managing money in the second half of 2023.

Lauren Peel, Director of Consumer Insights at Fair4All Finance said “Keeping concerns to yourself is totally understandable, but the pathway to dealing with problem debt starts with a deceptively simple step: talking to someone about it. 

“Our findings are a stark sign of the barriers to managing debt, despite it being a daily reality for millions of people. It’s simply not sustainable to have a situation where the overwhelming majority of people are not opening up about their financial struggles, despite the strong likelihood that family, friends and colleagues are also feeling the strain.

Being in debt can be scary, but you don’t have to struggle alone. As Fair4All’s figures show, many of us across the UK are currently struggling with debt. But we can help.

Our free debt advice is available to people all over the UK, online or over the phone. We’ll go through your finances in detail and explain your options. You might be surprised at the range of help available. We can:

  • check you’re getting all the benefits you’re entitled to
  • help you with budgeting
  • advise you on debt solutions

 There are various debt solutions available that reduce your monthly debt repayments and even write off some of your debt. We’ll let you know if any of them are suitable for you. All our advice is free. Some debt solutions are free, while others come with a fee. We’ll give you all the information you need to make an informed decision and, if we recommend a debt solution and you decide to go ahead, we’ll help get it set up.

You can read our guide for more details before getting in touch if you’d like.

 

Avatar of Lydia Bell-Jones

Lydia Bell-Jones

With a background in banking, Lydia has been writing professionally for over five years. She is passionate about helping people improve their personal finances and has a particular interest in the connection between money and mental health.

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