Financial statistics 2020

We’ve created this hub of financial statistics to pique your interest and see how the economic climate has changed over the years.

Read on to find out which countries have the most amount of debt, which regions have the most amount of personal debt and how much the UK is saving for the future.

What have we covered?

At Online Money Advisor, our aim is to make sure everyone gets the right advice for their financial needs. For more information about these statistics, please get in touch at kate.smith@onlinemoneyadvisor.co.uk

Personal loans by region - unsecured loans

An unsecured loan is a type of debt that is not protected by an asset (such as a car or property) or a guarantor.

Personal debt shot up for all regions by 2015 and inclined for most until 2017 where debt across the regions began to drop. While London had the highest rate of personal debt, the East Midlands came a close second. The region with the least amount of debt is the North East.

Mortgage debt - secured loans

A secured loan is a type of debt which is linked to your personal property (such as home or car). You can typically take out larger amounts compared with an unsecured loan.

London takes the crown for mortgage debt by region, however, it’s the East Midlands that really stands out in this graph. Mortgage debt rose from 134,035,054,407 in 2013 to almost £500 million in 2014 – that’s an increase of more than 3.5%, though this dropped significantly in 2015 and has maintained its levels of mortgage debt since. 

World debt - top 10 and bottom 10 countries

Country Percent of GDP % Debt in national currency (Billions) Debt in Pounds £
Japan 236.388 1291834 9,199,150,910,940.00
Greece 181.906 323 278,660,633,100.14
Lebanon 152.846 118565 60,904,142,742.65
Yemen 141.014 7450 23,139,348,677.34
Italy 131.454 2256 1,944,396,591,300.00
Portugal 125.619 242 209,084,299,290.00
United States 107.785 20900 16,250,125,701,200.00
Jamaica 104.074 1963 10,963,352,089.20
Mozambique 102.243 820 10,118,033,874.02
Spain 98.364 1144 986,572,911,640.32
United Kingdom 87.029 1773 6,036,890.62
Albania 71.244 1115 7,799,163,253.52
China 47.79 38807 4,324,359,375,448.00
Algeria 25.802 5105 33,105,767,887.41

 

Country Percent of GDP % Debt in national currency (Billions) Debt in Pounds £
Saudi Arabia 17.289 443 91,973,233,304.89
Kuwait 20.641 7 19,212,763,792.50
Nigeria 23.401 26889 57,861,223,724.54
Bulgaria 23.927 23 10,404,093,534.74
Peru 25.507 179 41,677,187,311.62
Algeria 25.802 5105 33,105,767,887.41
Nepal 27.15 705 4,840,038,113.05
Turkey 28.482 882 119,607,688,905.00
Bangladesh 32.414 6404 58,732,534,964.82
Islamic Republic of Iran 40.866 6036890 111,529,139,448.25

 

The United States has the most amount of debt in the world with more than £16 trillion, with a gross domestic product (GDP) of 107.785%. GDP is defined as the ‘total monetary value of goods and services produced in an economy during a monetary year’ and represents the country’s economic health. So, while Japan’s GDP of 236.388 seems too high, most of the debt is owned by its citizens and suggests economic growth.

Contactless payments vs chip and pin vs cash

Payment method Number of payments completed (millions)
Contactless 6326
Chip and pin 8772
Cash 10980

 

Direct debit overtook cash in 2017 as the most frequently used payment method, with nearly 4 in 10 payments in 2018. The number of contactless payments made in the UK also increased this year to 19% and is expected to reach 31% by 2028. Cash payments, while falling from 60% in 2008 to 28% in 2018, had a larger total payment volume (value of payments) of 10,980 million, while contactless was 6326 million.

Benefit fraud

Continuously reviewed Rate Value
Housing Benefit 4.60% £1,020m
Pension Credit 3.50% £190m
Employment and Support Allowance 2.20% £330m
Jobseeker’s Allowance 4.30% £70m
Universal Credit 4.70% £150m
Personal Independence Payment 1.20% £100m
Occasionally reviewed
Income Support 2.40% £50m
Incapacity Benefit 0.30% £0m
Disability Living Allowance 0.50% £50m
State Pension 0.00% £0m
Carer’s Allowance 3.90% £110m
Interdependencies £10m
Unreviewed 0.80% £100m
Total 1.20% £2.2bn

 

Housing benefit is most likely to be the product of fraud in the UK, with a rate of 4.6% and valued at £1020 million – far greater than any other types of fraud measured. For example, universal credit come may have a higher rate of fraud committed at 4.7%, the total worth is just £150. The fraud value for employment and Support Allowance, on the other hand, is £330m, but the rate of fraud is very low in comparison with this figure at £20.2m. 

Bankruptcy per quarter per year

The number of bankruptcies hit a staggering figure in 2009 at 74,670, suggesting that many felt the effects after the financial crash. This figure fell to 15,044 in 2018, though the number of bankruptcies once again rose in 2018 to 16,602.

Insurance claims by type

Insurance type No. of claims
Protection insurance policies 129,000
Travel insurance 494,000

 

Overall, travel insurance had almost 3.5x as many claims as protection insurance policies, with 494,000 travel insurance claims compared with 129,000 protection insurance claims.

Government pension vs private pension

Private pensions Occupational pension Personal pension
Single pensioners 54% 12%
Pensioner couples 70% 27%
All pensioners 62% 19%

 

There were 13 million recipients of State Pension in February 2018 – 7 million of those women, and almost 6 million of them men. 62% of pensioners receive their occupational pension, though only 19% are likely to receive a personal pension. Pensioner couples are most likely to receive a personal pension at 27%, compared with only 12% of single pensioners.

Household weekly spend

The average weekly household spend has not seen a significant increase since 2001. In fact, UK households were spending on average £28 less in 2011, with £532.50 versus £560.50 in 2001. By 2018, household spending had increased to around £572.6 per household.

Car finance

Year Total volume Percentage change
2013 1.71 million 0.18
2014 1.94 million 0.13
2015 2.13 million 0.1
2016 2.3 million 0.08
2017 2.35 million 0.02
April 2018* 2.41 million 0.02

 

The number of car finance contracts has been steadily increasing per year, with 2.4 million cars purchased in 2018 compared with 1.71 million cars bought in 2011. However, the percentage change for 2017 and 2018 was only an increase of 0.02% in contrast with 2011’s increase of 0.18%.

Savings - cash, ISAs, etc.

Number of accounts subscribed in current year (thousands)

Year Cash Stocks & shares
2015/16 10,118 2,539
2016/17 8,480 2,589
2017/18 7,783 2,835

 

Total amount subscribed to Adult ISA accounts

Year Cash (millions)
Stocks & shares (millions)
2015-16 £58,694 £21,129
2016-17 £39,191 £22,325
2017-18 £39,801 £28,702

 

Average amount subscribed to Adult ISA accounts

Year Cash Stocks & shares
2015-16 £5,801 £8,322
2016-17 £4,622 £8,623
2017-18 £5,114 £10,124

 

In the tax year 2015/16, adults in the UK opened 10,118 cash ISAs worth £58,694 million and 2,539 stocks and shares ISAs worth £21,129m. By 2017/18, the number of cash ISAs fell to a value of £39,801 with just 7,783 opened, while stocks and shares increased to 2,835 – a value of £28,702 million.

PPI statistics

Year PPI refunds and compensation paid
2019 £2,433,202,573
2018 £4,434,600,700
2017 £3,360,233,354
2016 £3,623,757,361
2015 £4,475,990,873
2014 £4,477,223,720
2013 £5,219,901,491
2012 £6,278,972,550
2011 £2,137,149,217

 

PPI refunds and compensation paid was at a high in 2012 at £6,278,972,550, in comparison to £2,433,202,573 in 2019. In July 2019 alone, a total of £432.9 million was paid to customers, taking the amount paid since January 2011 to £36.4 billion.

Income split across the UK

The UK’s gross disposable household income (GDHI) was valued at 1,288,702 in 2017, though this income is split depending on which region. For example, London came in at a total of £245,555, while Northern Ireland had the lowest amount of disposable income at £29,583.