2020
9
UK Managing Household Income Market Report 2020
2020-08-27T15:39:14+01:00
OX988530
2195
122955
[{"name":"Personal Finance","url":"https:\/\/store.mintel.com\/industries\/finance\/personal-finance"}]
Report
en_GB
“COVID-19 has brought issues of household income and financial resilience to the fore. Looking ahead there will be significant opportunities for brands, both new and established, to help consumers better…

UK Managing Household Income Market Report 2020

£ 2,195 (Excl.Tax)

Report Summary

Providing the most comprehensive and up-to-date information and analysis of the UK Managing Household Income market, including the behaviours, preferences and habits of the consumer.

In January 2020 employement was at an all time high, with 76% of working-age people in full time employment, with wages hitting a £512 a week average. However, the sudden lockdowns from the COVID-19 pandemic in March saw household incomes heavily impacted.

While stay-at-home orders have limited spending opportunities, these small savings are still effected by rising unemployment and pay cuts as many non-essential businesses closed for long periods of time. Managing money is now increasingly difficult for British consumers heading into 2021, with limited budgets and having to work harder to help their money last.

With digital tools for managing money now commonplace, managing household income is now far more accessible for many, with many no longer seeing it at a chore. However, economic uncertainty has changed people’s attitudes towards saving and managing money, with many concerned by debts and the safety of savings. Brand will need to utilise innovations into retail baking and credit as the economy begins to recover, offering help to struggling consumers.

Read on to discover more details or take a look at all of our UK Financial Services market research.

Quickly understand

  • The impact of COVID-19 on consumer behaviour related to managing household income.
  • How consumers receive their main and additional incomes, and responsibility for household bills.
  • How consumers manage household budgets and awareness of household spending needs.
  • Consumer behaviours after payday.
  • How consumers feel about managing household income.

Covered in this report

Brands: Nationwide, Barlays, Revolut, Toucan, Kalgera, HSBC, Bud, Lloyds, Halifax, Bank of Scotland, BUPA, NHA, Wagestream, Frist Direct.

Expert analysis from a specialist in the field

Written by Rich Shepherd, a leading analyst in the Multicultural sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

COVID-19 has brought issues of household income and financial resilience to the fore. Looking ahead there will be significant opportunities for brands, both new and established, to help consumers better manage their incomes and get their finances back on track. Priorities include developing healthy savings habits and making it easier to separate money for bills and everyday life. The economic disruption caused by COVID-19 will provide a stark wake-up call to the need to keep household finances in healthy shape and this will lead some consumers to change their approach to managing household income long after the outbreak is over.
Rich Shepherd
Associate Director – Financial Services

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

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*databooks not available with UK B2B Industry reports.

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