Mortgage lending hits £1.3 trillion
This is according to new analysis by The Money Charity which also shows that average personal debt, including mortgages, is £29,126.
By 2020, according the OBR, this will have increased by 62%. Using official population estimates, that makes an average of £47,195 per adult – £34,124 of which will be mortgage lending.
The financial capability charity has called on all political parties to make financial capability a key policy priority after next month’s election or face a personal debt crisis.
Michelle Highman, chief executive of The Money Charity, said: “With total outstanding debt set to reach £2.5 trillion by the end of the next Parliament, we need to put plans in place to make sure everyone can manage their money – before they get into problem debt.
“That means well-resourced financial education in schools and support for adults throughout their lives as part of a joined-up strategy for improving financial capability.
“It also means products that support people to manage their money and fair treatment and insolvency options for people who do get into difficulties.
“Securing financial education initiatives in schools should be an immediate priority for whoever is in Downing Street on May 8th. There is currently no state funding for financial education despite its position on the national curriculum, and the third sector is hugely struggling.”