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Over one-third of care home residents struggling to pay for their care
Over one-third of care home residents face long term struggle of paying for their care according to new ONS statistics. The research found that in 2019/20 it is estimated 143,774 or 36.7% of people in care homes in England were self-funders. This compares to 248,153 who are state-funded. The South East had the highest proportion…
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Fragile finances leading to poor mental health
New research by Yorkshire Building Society has shown that more than one in five UK consumers feel worse off financially since the start of the pandemic. The research has indicated that two-thirds of those whose finances, who have been affected had suffered a negative impact on their mental health. Whilst over one in five (23%)…
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Three in ten companies will employ fewer people as National Insurance increases
Three in ten companies will employ fewer people as a result of National Insurance increases according to new research by the Institute of Directors (IoD). Following the announcement on 7th September that the Government is to introduce a new Health and Social Care Levy, to be funded through higher rates of tax levied on National Insurance contributions and dividend payouts, 31% of IoD members expect this to result…
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Consumers slash spending as winter of prices rises worries grow
Consumers have slashed spending as worries about winter of prices rises grow according to new research by AJ Bell. The research found that 59% of people are already making cutbacks amid rising costs with a quarter of the poorest households think cutting back will keep their finances on track. Rising energy bills and food costs…
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BNPL research suggests consumers would like an option to spread purchase cost
Research by Buy Now Pay Later (BNPL) platform Butter, has found that the majority of UK consumers would like to see the option to spread the cost of purchase become more widely available. BNPL enables consumers to buy products while deferring the payment for a later date, often repayable in monthly instalments. In Butter’s case,…
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Nearly two thirds workers on furlough received support beyond financial
Nearly two thirds (64%) of furloughed adults have received some form of support beyond financial while being on furlough, research from Canada Life has revealed. With the scheme drawing to a close at the end of September, the findings demonstrate employers’ commitment to supporting their employees throughout the pandemic. Among those workers who received consistent…
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Furloughed workers relying on credit cards, family and friends, and loans
As the furlough scheme comes to an end this month, research from Canada Life has revealed how currently furloughed workers have boosted their income throughout the pandemic. The most common way of boosting finances was borrowing money on credit cards, with two in five (44%) saying they have considered or done this. This was closely…
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End of furlough and stamp duty holiday may be bad news for finance sector
The end of furlough coinciding with the finish of the stamp duty holiday could be bad news for the finance sector according to KIS Finance. The company says that the Coronavirus Job Retention Scheme has been a lifesaver for many businesses in the finance sector, enabling them to retain experienced staff during an incredibly challenging…
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Household budgets face cost of living squeeze
The Resolution Foundation has warned that economic pressures could squeeze household budgets over the next six months, with the think-tank pointing to a ‘triple-whammy’ of inflation, rising energy bills and the health and social care tax. The think-tank said low income families may be left more than £1,000 a year worse off despite an increase…
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Universal Credit cut will leave 1.5m workers in hardship
Citizens Advice has warned that 1.5 million working people on Universal Credit could be pushed into hardship this winter if their benefits are cut by £20 a week. The charity is anticipating a surge in families seeking its support as rising energy prices and higher living costs are compounded by the cut to Universal Credit.…
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Consumers fear longer-term financial recovery from the pandemic
Wth the relaxation of lockdown, alongside hospitality and travel industries re-opening over the summer, consumers are less likely to think the pandemic has impacted their household income, according to recent research from global information and insights provider TransUnion. In its Consumer Pulse study, which has been tracking the financial impact of the pandemic, TransUnion found…
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Four in ten Universal Credit households face 13% energy bills increase
The Government must do more to protect low-and-middle-income households from rising energy bills, with families on Universal Credit (UC) four times as likely as the wider population to be on pre-payment meters and therefore face higher energy bill hikes in October, new Resolution Foundation research had found. The Foundation notes that 4.4 million households on…
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New report calls for Government to support those hit financially by pandemic
A new report is urging the Government to take the lead in supporting consumers to recover financially from the pandemic. Innovation Foundation Nesta has commissioned Guaranteeing a Rapid Recovery – a report from the Social Market Foundation (SMF) which sets a series of recommendations for government and innovators to support consumers as they recover from the pandemic. The research…
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