One in five (18%) UK adults – the equivalent to 9.7 million people – have missed a payment in the last 12 months. This is according to research from Bluestone Mortgages, which also reveals that 7% of those with a mortgage have missed a payment.
Despite the well-documented financial challenges right now, 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.
Additionally, 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.
At a time when nearly half (49%) of UK adults are concerned about the impact of the current inflationary environment on their ability to pay their mortgage, the research reveals a lack of awareness and understanding of the support options available.
Some 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, and a further third (36%) are aware of the support but don’t know how it could help them.
Bluestone Mortgages head of sales and marketing Reece Beddall comments: ““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”.
He adds: “It’s our duty as an industry to signpost customers to the support options available to suit their unique circumstances.”
