Money Wellness
A waiter in a restaurant, black and white illustration
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calendar icon15 Mar 2024

High debt amongst hospitality workers

A personal insolvency specialist has issued a warning about a concerning trend of mounting debt among the hospitality workforce. 

According to Creditfix, many hospitality workers are struggling with an alarming average debt level of £13,151.

The surge in prices at hospitality venues like bars and restaurants has the potential to make the financial strain on consumers worse,  resulting in reduced spending on dining and entertainment. This then gives businesses a challenge as they struggle with a 20% inflation rate in operating costs. Many are resorting to zero-hours contracts. 53% of businesses doing this say it’s to offset rising expenses.

Maxine McCreadie, Personal Finance Expert at Creditfix, said “During these challenging times in the hospitality sector, it’s crucial for businesses to prioritise financial stability, both for their employees and their own sustainability. By understanding the financial strain faced by staff, businesses can better support their teams and ensure operational resilience.

“Businesses can play a vital role in connecting their employees with professional financial guidance. Encouraging staff to seek support from financial experts can empower them to navigate financial challenges more effectively, ultimately contributing to their overall well-being and productivity.

Need debt help?

If you work in the hospitality industry and you’re struggling with debt and don’t know what to do about it, we can help. You're not alone, and there is help available to you. All our debt advice is free and impartial.

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.

 

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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