Wolverhampton- In top ten league table for debt!

In a new report from the Money Advice Service - They inform that Wolverhampton is declared as being in the top 10 of towns and Cities in the UK who are over indebted.

Wolverhampton is recorded as having 37.1% of its citizens in debt. Reading through the report it identifies what families are going through... Here are the top ten cities and towns out of over 400 listed in the report.

Top 10 Local Authorities
City of Kingston Upon Hull
Nottingham
Manchester
Knowsley
Liverpool
Derry
South Tyneside
Belfast
Wolverhampton
Hartlepool

Across the UK approximately 8.8 million people are over-indebted. These are individuals who have been at least three months behind with their bills in the last six months or have said that they feel their debts are a heavy burden.
This large and diverse group represents 18% of the UK adult population and within it there are a range of different levels of knowledge and skills, and different attitudes and
behaviours towards debt and seeking advice.
In order to provide a clearer picture of the
different needs of this group, and how they can be helped through advice services, the Money Advice Service commissioned a piece of research to analyse their characteristics and to identify smaller sub-groups that display similar situations, attitudes and motivations.
The foundation of the segmentation was a large scale (5,000 interviews) quantitative survey carried out by Public Knowledge that asked a number of attitudinal and behavioural questions. The resulting data was then used by Experian in conjunction with
their existing household and demographic data and, from this, eight distinct segments emerged, each with a shared set of demographic characteristics and each displaying similar attitudes, behaviours and needs. A set of characteristics for each of the
segments can be found in appendix 2 of this report.
This new research gives us a much deeper understanding of over-indebted people living across the UK and we hope that advice organisations and creditors will use the findings
to shape the future of their services based on a deeper understanding of need, and a better knowledge about how to engage with people in debt.

A full technical report of this research is available on the Money Advice Service website