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LOW FINANCIAL OPTIMISM: Shocking number say they are ‘terrified’ for their financial future

 

LOW FINANCIAL OPTIMISM: Many people in large cities in the UK are terrified for their financial future, according to subscription loan provider Creditspring.  Data shows that people are less optimistic about their finances than before the pandemic. 

In fact, many believe there is nothing they can do to improve their financial situation, and the same number say that their bank does not do enough to help them manage their money effectively.

With a percentage of the population claiming they will need to borrow money to get by in the next six months, credit will be essential, and several will inevitably turn to high-cost lenders. In fact, nearly a third in some parts of the UK have borrowed money to stay afloat since the start of the pandemic and some have already taken out high-cost credit, such as payday loans.

However, despite this reliance on credit, many are concerned that the financial impact of COVID-19 has negatively impacted their credit score, and a similar proportion are unaware of how to improve their credit score. Support for this demographic in building their credit score and in accessing responsible, affordable credit will be crucial in the coming, uncertain months, particularly as some are unaware of what financial position they will be in in six months’ time.

Neil Kadagathur, Co-Founder and CEO of Creditspring, comments: “It is crucial that people receive adequate support to restore their financial health – support which they feel they are largely lacking at the present time. As they increasingly rely on credit, accessible and affordable forms of credit must be made available to them, so they don’t have to turn to unscrupulous, high-cost lenders which could trap them in a cycle of debt.”

The five most financially unstable cities:

 

Region Financial vulnerability score*
London 27
Nottingham 23
Birmingham 21
Glasgow 21
Edinburgh 20

 

Birmingham

  • One in five (20%) are terrified for their financial future.
  • A quarter (26%) believe there is nothing they can do to improve their financial situation.
  • 26% say that their bank does not do enough to help them manage their money effectively.
  • 16% claim they will need to borrow money to get by in the next six months.
  • Nearly a third (31%) have borrowed money to keep the afloat since the start of the pandemic.
  • 18% are unaware of how to improve their credit score
  • 28% are unaware of what financial position they will be in in six months’ time.

 

Bristol 

  • 11% are terrified for their financial future
  • 27% believe there is nothing they can do to improve their financial situation
  • 25% say that their bank does not do enough to help them manage their money effectively
  • 8% claim they will need to borrow money to get by in the next six months
  • 28% have borrowed money to keep the afloat since the start of the pandemic
  • 13% are unaware of how to improve their credit score
  • 33% are unaware of what financial position they will be in in six months’ time

 

Cardiff

  • 18% are terrified for their financial future
  • 31% believe there is nothing they can do to improve their financial situation
  • 22% say that their bank does not do enough to help them manage their money effectively
  • 10% claim they will need to borrow money to get by in the next six months
  • 24% have borrowed money to keep the afloat since the start of the pandemic
  • 25% are unaware of how to improve their credit score
  • 22% are unaware of what financial position they will be in in six months’ time

 

Liverpool

  • 16% are terrified for their financial future
  • 20% believe there is nothing they can do to improve their financial situation
  • 19% say that their bank does not do enough to help them manage their money effectively
  • 8% claim they will need to borrow money to get by in the next six months
  • 33% have borrowed money to keep the afloat since the start of the pandemic
  • 14% are unaware of how to improve their credit score
  • 24% are unaware of what financial position they will be in in six months’ time

 

Leeds

  • 14% are terrified for their financial future
  • 17% believe there is nothing they can do to improve their financial situation
  • 19% say that their bank does not do enough to help them manage their money effectively
  • 5% claim they will need to borrow money to get by in the next six months
  • 27% have borrowed money to keep the afloat since the start of the pandemic
  • 23% are unaware of how to improve their credit score
  • 15% are unaware of what financial position they will be in in six months’ time

 

Newcastle 

  • 19% are terrified for their financial future
  • 21% believe there is nothing they can do to improve their financial situation
  • 14% say that their bank does not do enough to help them manage their money effectively
  • 14% claim they will need to borrow money to get by in the next six months
  • 30% have borrowed money to keep the afloat since the start of the pandemic
  • 12% are unaware of how to improve their credit score
  • 23% are unaware of what financial position they will be in in six months’ time

 

Manchester

  • 16% are terrified for their financial future
  • 15% believe there is nothing they can do to improve their financial situation
  • 20% say that their bank does not do enough to help them manage their money effectively
  • 9% claim they will need to borrow money to get by in the next six months
  • 26% have borrowed money to keep the afloat since the start of the pandemic
  • 12% are unaware of how to improve their credit score
  • 25% are unaware of what financial position they will be in in six months’ time

 


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