- 67% of people have been regularly stressed about finances over the last 6 months
- 68% of people have cut spending to build emergency savings
- 61% of people are transferring between accounts more frequently to afford bills
- 60% of people feel the biggest challenge they face is understanding how to afford bills or pay off debt
Brits are experiencing high levels of stress in response to financial concerns and 67% of people have been regularly stressed about finances over the last 6 months. In addition to this, Quantum Metric’s research reveals that 68% of people have cut spending to build emergency savings funds.
The research also reveals that 61% of people are transferring between accounts more frequently to afford bills and 65% of UK consumers prefer to diversify where their money is kept and opt for banks with different interest rates to build their wealth.
Despite 60% of people’s biggest challenge is understanding how to afford bills to pay off accrued debt, data found that 32% of people say their bank isn’t doing enough to provide financial guidance. As a result of this, people aren’t completely confident that they are making the right financial decisions (50%).
To combat financial concerns, financial institutions must build consumers’ financial confidence. One way this can be achieved is by not only identifying pain points but empathising with customers’ financial anxiety. By providing the right (mobile-friendly) tools and investing in self-service, financial institutions can help customers feel more secure and assured, fostering long-term loyalty as a result.