Nearly two thirds of adults in Hull live in "financially vulnerable" conditions
A 2-year study has found 62% of adults are living in those conditions
Last updated 1st Nov 2024
62% of adults in Hull live in financially vulnerable circumstances, putting it in 4th place nationally, a study has found.
A two-year study of financial vulnerability across the UK by Fair4All Finance has found that at 41%, Yorkshire & The Humber ranks 5th out of the 12 UK regions for residents living in financially vulnerable circumstances.
The study breaks down the figures to local authority level. The area under the jurisdiction of Hull City Council has the highest proportion of financially vulnerable residents in the region, at 62%. The second and third highest in the region are Bradford (51%) and Barnsley (46%) respectively.
Worryingly, the proportion of residents living in financially vulnerable circumstances is increasing. In Yorkshire & The Humber, the figure has risen by 12% in the past two years.
As well as being at the top of the regional list, Hull ranks 4th in the country for the worry statistic, with only Barking & Dagenham, Newham, and Sandwell having a higher proportion of adults impacted by financial vulnerability.
The research by Fair4All Finance, reveals the rising tide of those struggling with financial vulnerability in regions across the UK as inflation and rising living costs eat away at the spending power of those who were already struggling to get by, as well as those who have fallen into difficulty for the first time. It also highlights rising living costs, low or unstable incomes, persistent debt and a lack of ‘safety nets’ such as insurance, credit, and savings are among the factors which exacerbate financial vulnerability for millions of households.
Hull City Council has responded to these concerning figures, with a council spokesperson says: “The council recognises the challenges in the city and endeavours to support its residents as much as it can, as evidenced by the decision by the council’s cabinet on Monday pledging financial aid to those who suffer due to the government’s cuts to the Winter Fuel Payment.
“As the fourth most deprived local authority in England, Hull has a comparative number of residents living in vulnerable circumstances. However, without additional central funding, it risks being unable to sustain vital services for its residents.
“The council is also an advocate of the local Credit Union branch and urges residents who are financially vulnerable to take advantage of support the branch offers.”