In Focus Consumer Credit
Taking steps to achieve financial control
British people plan to spend less and improve their financial health in 2021, as a nation of savers emerges from the Covid-19 crisis
Thomas Allder Customer director, Vanquis
Our research reveals the average British person wants to save more (27%), spend less (24%), pay off debts (15%) and make a budget plan (13%) this year, while one in three (33%) of those with existing debt say they want to start paying it off. The research comes as an estimated 1.2
million adults will be feeling the January pinch and be running low on money, before many people have received their first pay cheque of 2021.
Under pressure Almost a quarter (23%) felt under pressure to spend more money than they would like to at Christmas, overspending by £211 on average. Almost one in three (30%) have already
maxed out all of their credit and buy now pay later customers will also begin to see charges hit their accounts following December spending.
However, the new year finds British
people focusing on turning over a new financial leaf, with over half (58%) of British people making a financial resolution for the year ahead – increasing to 77% in 18-35 year-olds.
Going forward Looking ahead, half (50%) are likely to rely on some form of borrowing in January, rising to seven in 10 (67%) of those with outstanding debts. In order to cut costs British people plan
In order to cut costs British people plan to spend less on their food shopping (15%), make use of budgeting or planning for the month (14%) and be more mindful of their utility usage (11%), all positive, proactive steps to reduce spending and take back financial control
to spend less on their food shopping (15%), make use of budgeting or planning for the month (14%) and be more mindful of their utility usage (11%), all positive, proactive steps to reduce spending and take back financial control.
Reset and rethink The New Year is a great time to reset and think about how you can improve financial wellbeing in 2021. There are a number of positive, small steps people can make to your day-to-day finances to help you get off on the right foot this year and help build your credit score. Budgeting earnings and planning outgoing costs in a tracker is a good place to start, then you will see an accurate picture of your finances. This means you can then manage paying
bills on time, set realistic savings goals and consolidate debts to pay the lowest possible interest rate and set a timeline to pay it off.
Taking steps Taking steps to boost your credit score this year will also give you access to a wider range of financial products. We offer responsible and reliable access to credit for people and help customers on their journey to improving their credit profile, financial wellbeing and ultimately putting them on a path to a better everyday life. CCR
20
www.CCRMagazine.com February 2021
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52