Research published by the Financial Services Authority yesterday found that when mortgages are excluded, personal debt is higher here than any other region of the UK.
People in Northern Ireland have the highest levels of over-indebtedness across the UK (20%) compared with a UK average of 15%.
On average, adults owe £3,990 in unsecured debt, the highest owed by adults in any part of the UK,
The FCA’s Financial Lives survey is based on circumstances of 13,000 adults.
It also found that we have the UK’s lowest proportion of savers. Around two-thirds of people (67%) admitted they had either no cash savings at all or less than £5,000.
The survey also indicated that one in four adults (24%) here feels they have low financial capability, compared with the UK average of 17%.
The number of people who consider themselves confident and savvy consumers is also well below the UK average.
Only 10% of those surveyed here consider themselves highly knowledgeable in financial matters, compared with 16% across the UK.
Other key findings showed that more adults in Northern Ireland borrow using catalogue and store card credit than any other UK region.
There are always options available if you find yourself worrying about debts or savings – why not come to Mortgage Solutions Belfast for a free consultation?