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UK Consumers and Financial Management Market Report

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Consumers and Financial Management market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

What you need to know

Financial management is a discipline that must be learned, but is not typically taught, leaving people to pick habits up here and there. Parents are a significant influence, but it can sometimes feel confusing and complicated when advice comes from a broad range of sources, particularly for young people.

Open Banking represents a huge opportunity for product providers to position themselves as more supportive than perhaps they have been in the past, and for app providers to build an excellent affinity with their users. Product providers which choose to offer Open Banking apps could be in a strong position to secure future business in a much more fluid market for financial products.

This Report covers how people manage their finances today, with a review of the types of financial management tools offered and the range of influences that act on people as their financial literacy develops. Mintel’s exclusive consumer research explores people’s financial confidence and their attitudes towards financial management in general.

Expert analysis from a specialist in the field

Written by Patrick Ross, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Open Banking is on the cusp of full implementation, and the financial management landscape feels ripe for a shake-up. That said, many are still comfortable using spreadsheets or paper-based methods, while financial confidence is being undermined by a lack of formal financial education. Providers can step in to provide support that is sorely needed. Patrick Ross
Senior Financial Services Analyst

What you get

What's included

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Table of contents

  1. Overview

      • What you need to know
        • Economic overview
          • Business health
            • Special focus: B2B finance
              • What’s next?
              • Economic Overview

                • Annual GDP growth falls to six-year low in 2018
                  • Figure 1: Annual GDP growth rate, 2014-18
                • Bank rate remains at 0.75%
                  • Figure 2: Bank rate, 2008-18, by date of adjustment
                • CPI rate hits two-year low…
                    • Figure 3: Consumer Price Index, January 2018-January 2019, (12-month rate)
                  • …which has boosted wage growth
                    • Figure 4: Average weekly earnings, total pay, January-December 2018, Great Britain
                • Business Health

                  • Although 85% of small businesses’ finances are ‘healthy’ or ‘ok, many miss out on business opportunities due to a lack of funding
                    • Figure 5: Current finance situation of the business, June 2016 vs June 2017 vs June 2018
                  • Business turnover rebounds in 2018
                    • Figure 6: UK business turnover, 2018, at the start of the year, by business sector
                  • Insolvencies rise for third consecutive year
                    • Figure 7: Company insolvencies in England and Wales, Q3 2016-Q4 2018
                  • Business investment levels fall and profitability continues to stagnate
                    • Figure 8: UK PNFCs net rate of return, Q3 2016-Q3 2018
                    • Figure 9: UK total business investment, Q3 2016-Q3 2018, (chained volume measures and not seasonally-adjusted)
                • Special Focus: B2B Finance

                  • Net lending remained positive in 2018
                    • Figure 10: UK MFIs’ net loans to non-financial businesses, Q4 2016-Q4 2018, by size of business, (not seasonally adjusted)
                  • Credit availability and demand falls in 2018
                    • Figure 11: Availability of corporate credit to PNFCs in the past three months, Q3 2016-Q4 2018, by business size
                  • Write-offs on loans to non-financial companies fell to an eight-year low in 2017 but are expected to have risen in 2018
                    • Figure 12: Write offs of loans to PNFCs from banks and building societies, Q3 2016-Q3 2018, (not seasonally adjusted)
                • What’s Next?

                  • Businesses plan to reinvest profits to develop and to increase the cash held in reserve
                    • Figure 13: Business owners' plans for their business' finances over the next two years, June 2018
                  • Business confidence reaches a decade low at the start of 2019
                    • Figure 14: Business Confidence Index, Q1 2018-Q1 2019
                  • General consensus suggests slower economic growth
                    • Purchasing Managers’ Index Surveys
                      • Increasing threat of no-deal Brexit driving change in company strategy
                        • Businesses responding to potential loss of passporting rights
                        • Appendix – Data Sources, Abbreviations and Supporting Information

                            • Abbreviations