And whilst the economy continues to grow and bounce back from a tumultuous period, that alone is not enough to rescue those who will be most affected by the spiralling cost of living.
Experian research shows that the cost-of-living squeeze will lead to highly variable consumer pressures, depending on individual circumstances, including which sector a customer works in and where they live.
The key message for organisations is that today, no two individuals are alike in their experience of the pressures of the squeeze, or in their resilience to those pressures. There are as many risk profiles as there are consumers.Read the latest research in our eBook now
31% of people do not feel financially secure
23% of people with income changes due to Covid-19 are expecting to take out new credit
Inflation hit 7% for the 12 months to March 2022 – a 30 year high – and consumers are now feeling the squeeze.
Forward-thinking lenders can gain a significant advantage by using Experian’s new white-label Financial Education tools, which merge Experian credit scores and reports with transactional Open Banking data to provide the most complete picture yet of a consumer’s finances, helping them negotiate their new financial realities.Download our Financial Education guide to learn more
The fewer customers who end up in collections the better, but what steps can you take to reduce the risk of engaging in costly debt recovery processes, particularly during a pandemic?
Discover the solutions that will enable you to accurately gauge a customer’s ability to keep up repayments throughout the lifetime of the agreement.Learn how Experian can help
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