Debt and the full-time employee

The number of full-time workers seeking debt advice is rising, according to a new report.

Child hold woman's hand at a table. She has her head in her hands and there is an open purse on the table with just a few pence spilling out of it.

 

More people in full-time employment are seeking debt advice, with women worse hit than men, according to the latest data from debt change charity StepChange.

It shows that 44% of those seeking debt advice in 2023 were full-time employed, compared to 2021 figures showing 38% were in full-time employment. Over one in five (21%) full-time employed clients were in a negative budget where their outgoings outstripped their income. Also, one in 10 (9%) full-time employed clients received Universal Credit payments.

The report says women in full-time employment earn on average £133 less per month than men. Women in full-time employment are more likely to have children and a lower income when compared to men in full-time employment.

The ‘cost of living increase’ is the main reason for debt among clients in full-time employment. The report says rising costs, particularly housing and utilities, pose significant challenges for those in full-time employment, as their income does not stretch as far as it used to and there’s a need to bridge this financial gap.

The report also finds that there is a disproportionate representation of younger adults, particularly those aged 18-24 among those seeking debt advice, due to issues such as unstable employment and a reduced
income.

Full-time employed clients tended to owe more money on average, particularly for credit card and
personal loan debts.



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