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In Focus Consumer Credit


Financial worries plague UK workforce


New research reveals how fragile many financial positions in the UK really are


Monica Kalia Co-founder and chief strategy officer, Neyber monica.kalia@neyber.co.uk


Fluctuating incomes, access to affordable finance and the effect of political uncertainty are just three of the major financial worries currently facing the UK’s workforce. And the young are the hardest hit, with 18-24 year olds in particular feeling the pinch when it comes to managing their finances on a day-to-day, or longer-term, basis, according to our new research report. The DNA of Financial Wellbeing 2017


explores the views of 10,000 employees and over 500 HR decision-makers. It offers unique insights into what both groups think about key topics from Brexit to benefit design, across 90-plus pages of insight.


Public influencers Britain’s decision to leave the EU, general political uncertainty in the UK, and tax and legislation changes, are all influencing how people feel about their money. Overall, 35% of respondents feel that


Brexit has affected the way that they view their finances – rising to 51% amongst 18-24 year olds and 47% of 25-34 year olds. UK political change is also worrying the


younger generation, with 39% of 18-24 year olds and 37% of 25-34 year olds concerned by this. The effect is less marked amongst older


workers: 27% of over-65s feel that Brexit has affected how they feel about their finances, and 21% of the same age group say that the UK’s political changes have impacted them in this way. When it comes to financial behaviours,


Brexit is having the biggest effect on people’s views about savings and property ownership. In total, 29% of respondents overall, and


18


be able to sustain themselves for up to one month, and 18% for up to three months. Of those that are saving regularly, 54%


use a bank or building society, 37% a personal ISA – and a surprising 22% save in a jar at home. Again, older workers are more likely to


Overall, 35% of respondents feel that Brexit has affected the way that they view their finances – rising to 51% amongst 18-24 year olds and 47% of 25-34 year olds


be saving, with 70% using a bank or building-society account in the over-65 age group, compared to 45% of 18-24 year olds.


Borrowing to meet needs Almost half of all employees (48%) are having to borrow regularly to meet their basic financial needs, rising to 66% amongst 18-24 year olds. Most are using credit cards (23% of 18-24 year olds), friends and family members (26%) or personal savings (21% of that age group) to


42% of 18-24 year olds, say it has affected their views on saving, and 25% (44% of 18-24 year olds) say it has impacted how they feel about property ownership.


Fluctuating incomes A quarter of the employees surveyed have an income that fluctuates by over 10% each month, rising to a staggering 45% of employees in the 18-24 age group and 35% for 25-34 year olds. In contrast, only 18% of 55-64 year olds have fluctuating incomes. That uncertainty continues with savings


habits – 39% of 18-24 year olds say that they would only be able to sustain themselves for up to one month, should they lose their main job, and 17% up to three months. Across all age groups, 24% said they would


www.CCRMagazine.co.uk July 2017


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