Public Sector Workers Drowning In Personal Debts
Today, we have released a report which has revealed the true extent of household debt among public sector workers in the UK.
When we need help, we turn to nurses, firefighters and police – but the reality is that often, these are precisely the individuals who are struggling. In the last 18 months, the amount of money that public sector workers owe has almost doubled, increasing from £16,944 to £29,378.
Our emergency service personnel are the worst hit. They’ve seen their debts rise by almost £5,000 per person in the first three months of the year. In addition to this, teachers and nurses have also felt the crunch, with a sharp rise in the number of those who are seeking help for debt.
Though the NHS recently announced a pay rise for nurses, there are still fears that this will not help those who already struggle financially.
This increase in debt among public sector workers is thought to be as a result of the rising cost of living, forcing them to plug their income with unsecured credit such as credit cards and pay day loans.
To collate the report, called Living in the Shadow of Debt, we have used data from the national Personal Debt Index (PDI) which is a quarterly analysis of more than 60,000 people living in debt across the UK.
Our head of marketing, Taylor Flynn, explained more:
“There has been a significant rise in the number of people seeking help for serious debts – but what’s worrying is the amount each person owes has increased dramatically.
“This report highlights the financial challenges those who deliver essential services face, on top of the stress they often experience at work. Putting our numbers into context, it also includes a first-hand account from a teacher who found herself in thousands-of-pounds worth of debt following a change in circumstances.”
Visit the Creditfix Living in the Shadow of Debt report here