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In Focus Commercial Credit
Facing the facts on fi nancial planning
A new white paper shows how cost of living crisis is aff ecting fi nancial planning
Katie Johnson Managing director of savings, Hodge
Last month, we released an in-depth survey into how the rising cost of living is aff ecting the everyday spending and saving habits of people in the UK. The study questioned 1,000 people aged
between 21 and 55, as well as those aged 55 and over, on varied incomes and found nearly all were concerned in some way or another about the increasing cost of living. Some of the key fi ndings include:
73% of those surveyed said they will curb social activities. 56% will use savings to survive the cost of living crisis. Almost a third say the increase in energy bills will impact remortgaging decisions. The Cost of Living whitepaper examines
how people are spending their money, what they are cutting back on, and how confi dent they are in managing their fi nances during these turbulent times. It also examines how British people are
saving – whether they’re putting more away for a rainy day or channelling the money they would usually save in another way, and in order to manage day-to-day costs. It was important at this time to take a close
look at how our customers are dealing with fi nances, as prices everywhere from the petrol pumps to the supermarket continue to increase. What we found is no-one is immune to the rising cost of living, no matter their age or income. People are holding off adding more to their savings pot, despite interest rates being more attractive than for a few years. We help customers with both savings and
mortgages, so it is vital we know how the wider economy is aff ecting our customers.
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www.CCRMagazine.com June 2022
What we found is no-one is immune to the rising cost of living, no matter their age or income. People are holding off adding more to their savings pot, despite interest rates being more attractive than for a few years
Our whitepaper answers the important questions that will help us as a bank do all we can for our customers, create products for our future customers, as well as educating brokers and intermediaries about the discussions they should be having with their clients to help them during the next few tricky years. We will all deal with it in our own way, but getting the right help and advice at times like this can be vital in helping customers come out unscathed and to remain fi nancially healthy. This is the third white paper we have
produced for our intermediary partners with the aim of using its research to help and educate brokers and independent fi nancial advisers about pinch points their customers might be facing. CCR
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