UK Households Becoming More Optimistic About Their Financial Future, According to TransUnion
Research from global information and insights provider TransUnion tracking the financial impact of the ongoing COVID-19 pandemic showed consumer optimism improving as the second national lockdown came to an end. Four in 10 (42%) UK households are now somewhat optimistic about their financial future, up from 34% a month earlier.
The number of households reporting a negative financial impact also shows slight improvement from a month ago but stands at 50%, highlighting the split between those hard hit and those who have been able to weather the pandemic, in some cases with little financial impact.
For those that are struggling, mostly due to reduced working hours or job losses, the ability to pay bills remains a significant worry, with nearly two thirds (65%) expressing concern. Credit card bills are the most commonly cited (39%), closely followed by utilities (38%) and rent payments (29%). The average expected shortfall is £585.
Yet, at the other end of the spectrum, almost a quarter of UK households (24%) report that they are now financially better off than anticipated at the beginning of 2020, whilst a further 37% are finishing the year in the financial position they had anticipated.
Read the latest Financial Hardship Study report from TransUnion here.
Notes: Unless otherwise stated, figures refer to the latest report in TransUnion’s Financial Hardship Study, based on a survey of 1,086 adults in the UK conducted 30 November 2020 on behalf of TransUnion. [i] Based on a survey of 1,095 adults in the UK conducted on 24 March 2020 on behalf of TransUnion
Source: TransUnion UK Press Release