As the UK starts to recover from the cost of living crisis, consumer sentiment is mixed, with a cautious rise in optimism about personal finances contrasting a sustained sense of pessimism regarding the wider economy.
Stay ahead of the curve and future-proof your business with Mintel’s UK Consumer Financial Resilience Market Report 2024. Our full report takes a broad view of how consumers would cope if they were to suffer an unexpected or unplanned financial shock and how they plan to ensure that their finances survive a financial shock in the future. This report closely links to other financial services topics, to help you align your business strategy with the needs of your audience.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
As the UK starts to recover from the cost of living crisis, consumer sentiment is mixed, with a cautious rise in optimism about personal finances contrasting a sustained sense of pessimism regarding the wider economy. Despite inflation falling considerably, sustained higher interest rates pose an ongoing challenge for UK households. Many Brits will see their finances further squeezed as monthly mortgage repayments surge at the end of fixed rate deals.
Adding to savings is consistently the number one financial priority for Brits. However, formal plans to add to saving accounts tend to lag behind actual saving behaviour, with many adopting a fairly non-committal approach to saving, squirreling away whatever they can once all financial commitments are met.
Participation in investing is particularly low among women. Addressing the gender gap in financial management through targeted, gender-inclusive financial education and support offers a significant opportunity to enhance female financial resilience.
To learn how to connect with your audience, purchase our full UK Consumer Financial Resilience Market Report 2024. Discover lucrative innovation opportunities to help your business grow during times of financial uncertainty. Readers of this report may also be interested in our UK Consumers and Financial Advice Market Report 2024, or our range of Financial Market Research.
Charlie joined Mintel in January 2023 as a research analyst for financial services. Prior to joining Mintel, he was working as an investment assistant at an impact investment fund. Charlie has an undergraduate degree in Advertising and a masters degree in Investment and Finance.
While the recovery from the cost of living crisis is underway, accepting the worst is behind them is proving a challenge for many consumers.
Charlie Landsborough
Financial Services Analyst
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