RICS Logo
Twitter
LinkedIn
  • Home
  • News
  • About Us
  • What We Do
    • Social Housing
    • Business Rates Relief
    • Empty Property Rates Relief
  • Contact
0844 335 0790
Email Us
One third of survey respondents (33%) were having difficulty or reported being unable to manage their debt.

New survey: 1/3 of social housing residents having difficulty or unable to manage debt

December 10, 2022Caritas_Admin

Over three quarters of respondents say they’re worried all or most of the time about meeting monthly living expenses

The latest social housing resident survey of the Resident Voice Index (RVI) has looked into debt and how it is impacting the lives of people living in social housing amid the cost of living crisis. 

The resulting report reveals levels of worrying, all or most of the time, about being able to meet normal monthly living expenses had increased to 78% from 68% in the six months since the first Cost of Living survey (March-May 2022). 

The RVI project collects data on the requirements, feelings and perceptions of social housing residents and communicates these to the broader audience who may be able to make a difference. 

5,719 UK social housing residents responded to the latest survey, the findings of which have been put together in ‘Cost of Living: Crunch Time’ – the second RVI report to focus on the cost of living crisis and its impact on UK social housing residents. The first was in June 2022. 

Debt

Debt, and the worry surrounding it, were main factors in the survey’s findings with eight in ten of all respondents having debt. Of those with debt, 28% had four or more sources of debt, while 10% had six or more sources. 

The sources of debt identified in the report show credit card debt was by far the most prevalent, with 41% of respondents selecting it. 24% had debt in the form of energy bill arrears, 22% selected debt to friend or family member. Also in the top ten sources of debt were water bill arrears, goods on finance, buy-now-pay-later, council tax arrears, overdraft, rent arrears and bank or building society loan.

The report identifies the quarter (24%) of respondents who were already in energy bill arrears as particularly concerning, as almost all respondents (97%) took the survey before the introduction of the October 2022 energy price cap hikes.

Data from Ofgem gathered in late October 2022 estimated that more than 2 million households were already in debt on electricity bills, representing over 8% of the UK’s households. The much higher rate of social housing residents reporting energy arrears in the survey is flagged as deep cause for concern.

Debt management and worry 

The survey also looked at how people believed they were managing debt. One third of respondents (33%) were having difficulty (20.7%) or reported being unable to manage (12.7%) their debt.

Almost half (47%) were labelled as ‘managing’ their debt. However, a majority (36%) of those chose the option: ‘I have debt that I can manage, but it’s getting harder’. 

Almost all (95%) of those who weren’t managing their debt reported being worried all or most of the time about meeting monthly living expenses. This compares with a much lower 69% amongst those who were coping with their debt. Both numbers are very high and the overall score for this high-level worry was 78% across all respondents.

Responses to the survey among residents who mentioned disabilities highlighted a recurrent concern that disability benefits, such as Personal Independence Payment (PIP) are failing to cover the rising costs of fuel, food and other goods. When respondents were asked about any contributors to feelings of worry, 3.5% of answers made voluntary reference to disability.

The survey also asked respondents to rate their financial situation compared with six months ago, selecting either: ‘Better’, ‘The same’ or ‘Worse’. 69% indicated that their financial situation was worse and only 7% were able to commit to a better situation.

Gavin Smart, chief executive of Chartered Institute of Housing, said in the report: “This latest report from the Resident Voice Index comes at a critical time for the social housing sector. 

“The cost of living crisis is affecting everyone but those on the lowest incomes, many of whom live in social housing, are impacted the most. These research findings shine a light on the devastating impact that cost pressures are having on residents every day across the country and are invaluable for organisations such as ours in raising awareness. 

“The social housing sector is well placed to support people but we need to work together to highlight the support available and to call for policy change where it’s needed.”

Related Articles

Women’s-only social housing block in West London green-lit

May 12, 2023Kim Pidgeon

New maintenance conditions to be added to London housing funding

February 12, 2023Caritas_Admin

Energy price cap rise: Chancellor lays out government’s plan to help households 

February 3, 2022Caritas_Admin

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent Posts

  • Housing Minister writes to social housing providers
  • Abri on track for 10,000 new homes; Gentoo announce £44m investment programme
  • 300 affordable homes to be built on former sewage works site in Birmingham
  • Final phase of West London estate transformation gets green light
  • Round up: Red Kite acquires homes; Two Rivers secures grant

Recent Comments

  • MERGER: Network Homes and Sovereign announce plans - Caritas on Hampshire housing association buys shopping centre for £17m
  • Mandatory qualifications for social housing managers  - Caritas on Regulator writes to social housing landlords about damp and mould
  • Social housing build-starts drop 30% as inflation takes its toll - Caritas on Affordable housing supply slows
  • Rising cost of living sees charity donations downsized - Caritas on Caritas team member conquers the Thames Path Mighty Hike
  • NHG get green light for 190 new homes in Hackney Wick - Castle Express on Two major London housing associations set to merge

Archives

  • June 2025
  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • November 2020
  • September 2020
  • July 2020
  • May 2020
  • April 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • February 2017

Categories

  • Advice
  • News
  • Tips
  • Uncategorized
ecologi
Caritas (Head Office)
Cody Technology Park
Old Ively Road
Farnborough
Hampshire
GU14 0LX
Caritas
5 Chancery Lane
Holborn
London
WC2A 1LG
Caritas
The Tootal Buildings
56 Oxford Street
Manchester
M1 6EU
Caritas
St. Paul’s House
23 Park Square
Leeds
LS1 2ND

© Copyright Fortress & Castle | Privacy Notice | Cookie Policy