Rochdale worst in the country for feeling financial hardship, figures show

Rochdale is ranked as the worst town in the UK for debt worries and financial hardship, it has been revealed.

Figures show that of the top 20 UK towns and cities feeling the most financial strain, Rochdale is listed as number one, followed by Bolton and Oldham.

The data, from Sambla, calculates the unemployment rate, gross mean salary and the cost of living within each area, measured up against the number of internet searches for debt advice. With the population taken into account, an index total is calculated, which Sambla says makes Rochdale number one in the list.

With the new government set to tackle the cost of living, the study revealed which areas are most in need of the proposed changes.

 

 

Measuring the average monthly searches surrounding debt advice, as well as unemployment rate, average annual gross mean salary, and cost of living, the study highlights which areas are most affected by financial strain.

According to research by the Citizens Advice Bureau, more than 2.1 million households are in a negative budget. That’s 5 million people - including 1.5 million children - who are in households that can’t afford basic essentials and are at risk of being pushed into debt.

Almost 250,000 people are ‘living in the red’ across Greater Manchester with Bolton and Oldham being two of the hardest hit boroughs in the region. Around one in 10 people - 33,000 people in Bolton and 22,000 in Oldham - are struggling to cover food and bills.

Measuring the volume of searches in comparison to the population, the areas most commonly turning to search engines for debt advice include Bolton, Rochdale, Manchester, Croydon and Newcastle.

Money expert at Sambla, Marcus Sätherström said: “These findings are a reflection of the concerning reality for a huge portion of the UK population.

“Geographically we can see the North is most affected and the high frequency of debt-related searches, combined with substantial unemployment rates and escalating living costs, underscores the need for targeted financial support in these areas.

“Being in debt is a stressful situation and breaking down your financial landscape can be a good place to start to make it more manageable. Begin by assessing your situation and understanding how much you owe and to whom, taking into account interest rates and minimum monthly payments.

“From here you’ll be able to set a realistic budget that accounts for all of your expenses, and help you to identify if there’s any areas where you’re able to cut back. It’s important to prioritise paying off high-interest debts first like credit cards, while making minimum payments on the others.”
 

Read more: Advice column on managing debt from Citizens AdvicePublished: 07 January 2024