The cost-of-living crisis: Navigating the storm and financial outlook 2023

How are households weathering the financial storms brought on by the cost-of-living crisis

Focusing on the UK, where 64% of respondents stated a decrease in disposable income when compared to the previous 12 months.

In our recent webinar in partnership with YouGov, we explored how disposable income has changed over the last 12 months and the outlook for the year ahead. We set out to understand how different demographic groups of consumers have been affected by this crisis, how consumers are dealing with their consequences and how managing their finances has become a focal point for the population.

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We further explored the changes consumers made to their financial services and how likely they are to adapt their attitude towards them in the future. We finally discussed the financially resilient and the groups of affluent consumers who are largely unaffected by the crisis and continue to afford to maintain their standards of living and consumption.

Key takeaways

Some key take outs from the webinar content:

Average discretionary income in UK households down by 20%
The lowest affluent groups are hardest hit losing over 25% of average discretionary income
Demand for unsecured credit up in 2022 – demand in 2023 will be driven by low affluent groups
Over 50% of UK households remain largely resilient to the crisis
The most affluent 34% of UK households have seen a below average reduction in discretionary income and maintain over £2000 spending power each month
More people are saving, and savings balances are growing

Meet the speakers

Headshot of Matthew Palframan

Matthew Palframan

Director – Financial Services Research, YouGov

Headshot of David Newley

David Newley

Consultant, Experian

Watch the webinar

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