Manchester residents are the most financially stressed in the UK according to the latest research from credit agency Experian.
The research analysed over 300 towns and boroughs and found that seven of the top ten most financially stressed towns in the UK were in the north of England or Scotland.
Manchester was closely followed by Glasgow, where the study found that nearly three out of every ten people questioned admitted suffering from high levels of financial stress.
The South West of England emerged as the UK’s bankruptcy capital, with six of the ten towns with the highest levels of bankruptcy per head in the South West.
Top of the list was Torquay, with Plymouth and Bournemouth in third and fourth respectively. The only northern town to feature in this list was Kingston-Upon-Hull in second.
Chitlern’s Joanne Gill says: “Debt is an issue all over the country but this research highlights that some areas are more predisposed towards financial hardship than others. When people find they cannot cope with their debts it’s important that they face up to the problem while they can still do something about it – that’s what Chiltern is there for.”
Experian analysed the number of personal credit cards and loans taken out, along with the frequency of payments made, then compared this with data gathered from Mori’s Financial Services Survey, as well as information available publicly (on county court judgements and bad debt).
Financial stress was used by the credit agency to define a person’s “potential to become over-stretched and struggle with further payments”.
Hot Spots identified with high levels of financial stress include: Nottingham, Liverpool, Middlesbrough and Glasgow.
The study also listed destinations by the number of bankruptcies and IVA’s taken out.
Top ten for financial stress
1. Manchester
2. Glasgow
3. Nottingham
4. Knowsley
5. Middlesbrough
6. Kingston-Upon-Hull
7. Liverpool
8. Southwark
9. Tower Hamlets
10. Hackney
Top ten for Bankruptcies
1. Torquay
2. Kingston-Upon-Hull
3. Plymouth
4. Bournemouth
5. Eastbourne
6. Newton Abbott
7. Barnstaple
8. Hastings
9. Weymouth
10. Truro
Top ten for IVA’s
1. Aldershot
2. Andover
3. Newbury
4. Crawley
5. Windsor
6. Swindon
7. Basingstoke
8. Stevenage
9. Darlington
10. Chippenham