Statistics see seaside towns with highest personal insolvency rates
A worrying trend sees that the geographical spread of personal insolvencies shows that seaside towns are most effected. The North East and coastal towns such as Plymouth and Scarborough typically had the highest concentrations of personal insolvencies.
The places which have the highest rate of personal insolvency tend to be seaside towns, as well as towns affected by the decline of a particular industry. Six out of ten of the places with the highest rate of personal insolvency are located by the sea. The seasonal nature of resorts means that work often dries up over the winter months, and jobs tend to be in low wage sectors. The reduction of industry in any of these areas compounds the issue. Plymouth is a typical example, where they have low paid seasonal jobs together with a reducing shipping and navel industry.
Unfortunately, where we see high levels of personal insolvencies there are also often seen other socio and economic issues, like poor health and education and increased homelessness.
To try and combat the decline of the seaside town the Government launched a £40 million fund in February to encourage investment and to boost jobs in coastal communities. With time and the right development seaside towns can become vibrant and prosperous. For example, Brighton remains one of the most dynamic and cosmopolitan cities of the South Coast. Brighton a highly desirable place for businesses but with high prices and geographical restrictions from the sea and the South downs, its prosperity is squeezed along the coast with places like Worthing benefitting from Brighton’s overflow.