30 October 2017: Statistics issued recently by the Insolvency Service highlight the impact of debt on young families living in seaside towns in England and Wales.
The number of insolvencies amongst young adults rose by 31% between 2015 and 2016 with the highest rate of insolvency in the 18 to 34 year old bracket being found in the Isle of Wight, followed by Torbay and Scarborough.
The figures illustrate that many of the jobs undertaken by young adults in these communities are seasonal and low paid in the tourism sector. Whilst work may be more plentiful in the summer months, it dries up in the late autumn and winter. Financial support from benefits is available out of season but the statistics show that many young people struggle to make ends meet all the year round.
At BRI Business Recovery and Insolvency we operate from a network of offices that are well placed to help companies, businesses and individuals in financial difficulty wherever they are based. If you have a client who would benefit from our advice then please click on the “Contact” page above to find details of the BRI location closest to you.