Nearly one in four (24%) adults – equating to more than five million people – have missed one or more payments in the last 12 months, research from Bluestone Mortgages has revealed.
Nearly two-thirds (64%) of those with missed payments cited the cost-of-living crisis as the main reason.
According the findings, utility bills were cited as the top missed payment, with 10% missing one or more payments, closely followed by missed credit card payments (9%).
The figures increased significantly for those with adverse credit.
Seven in 10 who missed a payment in the past year said it had impacted their ability to access financial services.
Of those who missed a payment in the last 12 months, the top barrier to seeking financial support was not knowing where to begin, and feeling too embarrassed to ask for help (both 29%).
This was closely followed by feeling too embarrassed to admit the state of their finances (28%) and worrying about the impact on their credit score (20%).
Ryan Davies, strategy director, Bluestone Mortgages, said: “Missed payments are no longer isolated events and are becoming part and parcel of people’s everyday lives as the squeeze on household and personal finances continues to take its toll.
“As a result, we expect to see a growing number of customers with adverse credit looking for financial support.
“The mortgage industry has a key role to play in supporting these customers, creating a safe space for them to talk about their financial situation without embarrassment while providing them with information about the different options available.
“Ultimately, it is our duty as an industry to signpost these customers to the help they need during these challenging times.”
