By In 2008/10, households in Wales had the lowest median financial liabilities (£2,000), according to a new report released today by ONS. The region in Great Britain with the highest financial liabilities was the South East (£4,200). London had the highest percentage of households with at least one form of financial liability (54.6 %).
In current prices, median household financial liabilities increased for every region except London between 2006/08 and 2008/10. For the whole of Great Britain, the median increase of financial debt was £400; a rise of 14.3%. The regions with the greatest increase over the two years were the North West (41.7%) and the East Midlands (33.3%), which both increased by £1,000.
The report also shows that in 2008/10, individuals living in the least wealthy households were 13 times more likely to report their debt as a heavy burden than those living in the wealthiest households. 40.9% of those living in the least wealthy households reported their repayments of debt as a heavy burden. In contrast, 3.1% living in the wealthiest 10% of households rated their debt repayments as a heavy burden.
In addition, the report shows that the amount of debt held by households in the least wealthy two deciles outweighed their savings. However, the other eight deciles all had more savings than debt liabilities.
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