Midlands 'poorest towns' revealed - is your area in the list?
The 'poorest towns' in the Midlands have been revealed in a new study, revealing the areas where many are struggling to manage from week to the next.
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Following a two-year study, the findings, released by the not-for-profit financial inclusion group, Fair4All Finance, found that 42 per cent of adults in the West Midlands live in vulnerable circumstances, with many areas in the region ranking in the top ten nationally.
In the findings, the West Midlands ranked third nationally for the vulnerability of its residents, with Sandwell being ranked in the top five local authorities nationally for its resident's not-so-deep pockets.
According to the finance group, 68 per cent of those living in the borough are classified as vulnerable, placing it third nationally.
The figures come in the run-up to the Christmas period, an expensive and worrying time for many families across the UK.
Also appearing on the list was Birmingham, with the data finding a 31 per cent rise in the financial vulnerability of its residents in the last two years, making it one of the authorities in the West Midlands to experience a sharp spike.
Helen Torresi, chair of the board for Advance Credit Union, said: "We have seen a significant increase in the number of people turning to us for financial help in the last year with the number of new members almost doubling on the year before.
“Requests for loan applications from members have skyrocketed, while fewer non-members are joining to save with us. As higher household costs take priority over putting money aside for emergencies, we are also seeing higher numbers of members withdrawing their savings.
"The impact of the cost-of-living crisis on those who were previously able to get by reinforces the importance of everyone being able to access affordable credit when they need it.
"It’s incredibly important that those struggling financially know help is out there and don’t turn to predatory lenders due to fears their poor credit score leaves no other option. At Advance Credit Union we strive to provide everyone in our community with access to fair and affordable finance."
See the ten 'poorest' parts of the Midlands below.
1. Sandwell - 68 per cent financially vulnerable.
2. Stoke-on-Trent - 56 per cent financially vulnerable.
3. Birmingham - 53 per cent financially vulnerable.
4. Walsall - 52 per cent financially vulnerable.
5. Coventry - 51 per cent financially vulnerable.
6. Wolverhampton - 49 per cent financially vulnerable.
7. Telford and Wrekin - 44 per cent financially vulnerable.
8. Dudley - 43 per cent financially vulnerable.
9. Tamworth - 40 per cent financially vulnerable.
10. Nuneaton and Bedworth - 40 per cent financially vulnerable.
For more information and to view the full list, visit the Fair4All Finance website.
