One in five (18%) UK adults, the equivalent to 9.7 million people, have missed a payment in the last 12 months, new research from Bluestone Mortgages shows.
The missed payment includes utility bills or credit cards (both 7%), tax bills or loan repayment (both 5%). Additionally, 7% of those with a mortgage have missed a payment.
The specialist lender said for these individuals it’s unlikely that when they miss a payment it’s a one-off.
Seven in ten (71%) of those who missed a credit card payment did so more than once. And of those who missed a utility payment, more than three-quarters (78%) missed more than one.
However, the findings also reveal one in seven (14%) UK adults are too embarrassed to seek financial support should they need it, while 13% say they would not know where to begin.
More than one in ten (12%) would feel too embarrassed about the state of their finances and a similar amount (9%) would be worried about the impact on their credit score.
The research reveals a lack of awareness and understanding of the support options available.
And 17% of people are unaware that support from a financial organisation such as their mortgage lender or energy provider could help them in the event of financial hardship.
A further third (36%) are aware of the support but don’t know how it could help them.
The Bluestone Mortgages study was undertaken by Opinium between 6-10 October 2023 among 2000 UK adults.
Bluestone Mortgages head of sales and marketing Reece Beddall said: “The mortgage industry has a key role to play in supporting those who are embarrassed to talk about their financial situation. For brokers, this involves creating a safe space for their customers to discuss their unique circumstances and any credit issues, while lenders should place greater emphasis on education to help increase people’s financial awareness. It’s our duty as an industry to signpost customers to the support options available to suit their unique circumstances.”
