TEACHER DEBT 20% ABOVE NATIONAL AVERAGE

• The average debt levels of teachers across the UK currently stands at £19,800.
• The current national average is £16,500. 
• This comes at a time when the sector is facing significant staff turnover with 40,000 working-age teachers having quit state schools in England in the past year.

 

New research from debt specialist Creditfix, reveals that the average debt levels across the UK currently stands at £19,800, 20% higher than the UK average of £16,500. 

 

This comes at a time when the Education sector is facing significant staff turnover, with the Department for Education’s latest workforce consensus highlighting that 40,000 working-age teachers have quit state schools in England in the past year. 

 

It was also revealed earlier this year that over 50% of teachers are spending their own earnings on classroom supplies. 

 

Teachers will receive a pay rise of 6.5% in September, bringing some respite to ongoing tensions around pay.

 

This research follows a recent research project from Creditfix which looks into back to school costs of items like uniforms and stationary, which reveals that parents of children going into Year 10 and 11 could be spending up to £300 on essentials. 

 

Commenting on the current debt level of teachers, Layla Johnson, regional manager at Creditfix, added: 

 

“While it’s welcome news that teachers will receive a pay rise in September, it is important to highlight the current financial situation that teachers across the country are facing. 

 

“With current debt levels among teachers 20% higher than the UK average, and teachers dipping into their own pocket for classroom supplies, it would seem that our educators are a long way off feeling at ease with their finances during the current cost-of-living crisis.

 

“We would urge any teachers feeling pressure on their finances to take proactive steps and seek support. Many people are also amazed by how relieved they feel after taking those first steps to address the challenge – never underestimate the power of talking and sharing your problems.” 

 

For more information about Creditfix, visit www.creditfix.co.uk