In Focus Consumer Credit
Looking to the financial future
Twice as many British people expect their financial situation to get worse, rather than better, in 2020
Richard Lane Director of external affairs, StepChange Debt Charity
Almost one in three British people (29%) expect their finances to get worse in the next year, while only 14% believe their financial situation will improve according a new YouGov poll carried out for us. Of those expecting to be worse off, 38%
cited uncertainty in the wider economy as the cause, something that should sound alarm bells for policymakers, particularly given a record 331,337 people contacted us
want to deal with financial difficulties privately, with only half (52%) saying they would talk to their partner or family about them. Men are also more reluctant than women
to share their financial worries, with 42% preferring to deal with them privately, compared to 34% of women. Those who expressed a preference to deal with their financial worries privately also
showed a greater reluctance to discuss money with their partner or close family members, with 45% ‘never’ or ‘rarely’ broaching the subject, compared to 30% of all respondents. The poll also highlights the varied ways
British people deal with life problems. While some people prefer the idea of face- to-face or telephone advice, others prefer the idea of online services if they are facing a problem. A third of people said they would feel
‘most comfortable’ seeking general advice through an online service, rising to 42% among those aged under 50. Clearly, within the debt-advice sector
there is a place for all these different ways of providing advice – and it is particularly important that those who find it hard to talk are aware of they can find help online. The number of people seeking debt advice
from us is growing every year, but we understand that the way individuals prefer to get help varies. We know that for some, money can be a
for help with their debts in just the first six months of 2019. The release of this data coincides with the
launch of our ‘We Hear You’ campaign, which is encouraging people who may be suffering in silence with their finances to get help via its free and confidential online debt advice service. The polling shows people are split on they
how deal with money problems. Nearly two in five respondents (38%) said they would
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tricky thing to discuss. Online debt advice allows individuals to tackle their money problems discreetly and efficiently – an absolute necessity in the digital age. The more people who can access debt
Nearly two in five respondents (38%) said they would want to deal with financial difficulties privately, with only half (52%) saying they would talk to their partner or family about them
www.CCRMagazine.com
advice in the way that feels easiest for them, the quicker we can reduce the number of people facing problem debt. Debt is a problem which can affect each
and every one of us, so it is only right that the services to tackle debt should therefore be accessible to all. If you find it difficult to talk about debt, do not worry, we hear you – and we are here to help. CCR
November 2019
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