One in five may need insolvency advice

Published on June 14, 2013 by Crawfords Accounting

A fifth of people could find themselves in greater need of insolvency advice, following figures published by the Office for National Statistics.

The ONS compiles an assessment of national ‘wellness’ based on several self-reported factors on which British households are surveyed.

Among them are monetary concerns, with several indicators combined into the report to determine how capable Britons are of servicing their regular outgoings.

In the latest update, 19% – almost one in five of all those surveyed – believed that their financial situation would worsen over the coming year.

The survey itself was conducted in 2010-11, meaning many of these people may already have seen their monetary position worsen considerably, leaving them in greater need of expert insolvency advice.

Over one in ten (11.5%) of people aged 16 and above told the ONS that their financial situation was quite or very difficult in 2010-11.

While this is a slight decrease from 12.4% in the previous year, it is an indication that many individuals are still battling to keep their finances under control – and that for many, advice on bankruptcy is likely to become a necessity.

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