24th July 2024 - Credit Connect

Consumer spending expected to improve but fiscal policy could limit growth

24th July 2024 Consumer Lending | #consumer spending

A forecast from EY ITEM Club expects solid household income growth and a less cautious approach from consumers going forward, to result in 0.8% growth in consumer spending this year, and 2.5% in 2025. While prospects for consumer spending appear relatively positive, they are likely to be tempered by the lagged effect of past monetary…

Delayed retirement now likely for millions as pension savings gap widens

24th July 2024 Consumer Collections | #old #pensions #retirement

More than half (54%) of UK retirees expect to work longer than they would like, on average by seven years, highlighting a worrying gap between people’s desired retirement age and the adequacy of pension savings. In addition to that, over a quarter (27%) of those who have made retirement plans don’t feel that they would…

Cash payments decline as consumers embrace mobile contactless payments

24th July 2024 Consumer Lending | #cash #contactless payments

The total number of cash payments in the UK has decreased as more consumers opt for digital transactions using cards and phone apps like Apple Pay and Google Pay according to latest UK Finance data. The research showed that last year, the UK population made 6 billion cash payments, accounting for only 12% of the…

FCA confirms access to cash plans as banks close

24th July 2024 Consumer Lending | #access to cash

Banks in the UK will be banned from shutting down too quickly under new rules aimed at helping people access cash. The Financial Conduct Authority (FCA) has introduced a policy that requires banks to provide alternatives for customers affected by branch closures. While the changes cannot prevent the closure of bank branches, they will ensure…

Online debt advice is preferred method of support

24th July 2024 Consumer Collections | #debt support

Research by STAMMA and Money Wellness has found that online debt advice has emerged as the preferred method for those with vulnerabilities, accessibility issues, and addictions, particularly among those under 55. The study found that 53% of people under 55 would prefer to seek debt advice online. This is especially true for Gen Zs (18-24-year-olds),…

2.3m parents can’t afford any summer activities for their children

24th July 2024 Consumer Collections |

2.3 million parents are unable to afford any activities for their children during the upcoming summer holidays according to research from responsible lender Creditspring. One in seven (15%) parents say their finances won’t stretch to cover any summer activities this year whilst almost one in five (17%) admit they are more worried about their finances…

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