Which part of the UK has the most debt? South East and the East of England
Individuals living in the south east of England are saddled with more debt than people in any other part of the country.
They have the highest median financial debt, estimated at more than £4,500, while Londoners are most likely to struggle with repaying their debts, according to new analysis from the Office for National Statistics (ONS).
The ONS crunched figures from its wealth and assets survey to see how the self-reported burden of both financial and property debt has changed over time.
It found between 2010 to 2012, the total financial debt for the UK was estimated to be £104bn, an increase on £96bn in the previous two years between 2008 and 2010.
Meanwhile, total household property debt – money secured against properties such as mortgages – was estimated to have hit £1 trillion for the first time between 2010 and 2012, up from £980bn over the previous two-year period.
The most indebted parts of the UK
The ONS found those in the south east had the largest amount of debt from both property and other types of loans in 2010 to 2012, estimated at £4,591.
This was followed by the east of England which had accumulated up to £4,145 in median financial debt.
Overall, individuals in England are estimated to have a median of £3,600 in 2010 to 2012, which is an increase from £3,290 in 2008 to 2010, and £2,900 in 2006 to 2008.
Interestingly, Scotland has seen a rapid increase in financial liabilities, with a median of £3,480 in 2010 to 2012, compared to £2,250 in 2008 to 2010.
Who's struggling with their debt burden?
Just over a quarter of Londoners said their financial debt was a heavy burden – more than any other part of the UK – closely followed by the North West with 22.5 per cent and the East of England with 21.2 per cent.
It seems Scots are the best when it comes to managing their finances – they were least likely to say their financial debt was a heavy burden.
Overall, 19.8 per cent of people living in the UK found their financial debt a heavy burden, compared to 36.2 per cent reporting somewhat of a burden and 44 per cent defining their burden as not a problem at all.