HCSTC borrowers are less inclined to be confident handling cash

Relating to our Financial Lives Survey 2017, borrowers with HCSTC loans (payday and instalment that is short-term) differ in age.

Figure 5 reveals that borrowers between 25 to 34 years old keeping loans that are HCSTC33.4%) had been especially overrepresented in comparison to great britain grownups within that age groups (17.5%). Similarly, borrowers over 55 years of age had been notably less prone to have HCSTC loans (12.2%) set alongside the UK population within that age bracket (34.8%). The study additionally unearthed that 60% of cash advance borrowers and 45% for short-term instalment loans were feminine, weighed against 51% of this population that is UK female.

HCSTC borrowers tend to call home in rented properties or with moms and dads

Five in six HCSTC customers will work full time. Our analysis of 24 months of PSD, from Q3 2016 to Q2 2018 shows the numbers have actually changed hardly any over this duration even though there ended up being a decrease that is slight the portion of men and women on advantages making use of HCSTC from 3.9per cent in 2016-2017 to 3.0per cent in 2017-2018.