[INSIGHTS]: Making Ends Meet: Unravelling the cost of living spiral

External Links:
https://www.equifax.co.uk/white-papers/making-ends-meet-unravelling-the-cost-of-living-spiral
Summary
The Financial Health Report 2023 by Equifax Debt Services provides insights into the current state of UK household finances and offers actionable recommendations for improving financial wellbeing. The report highlights the impact of the cost of living crisis on consumers, the changing demographics of those accessing debt advice, and the need for the industry to work smarter with data and partner with experts to support vulnerable consumers.

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Vulnerability - UK Employee and Manager training for Collections

Key Points

Consumers are relying on new financial solutions, such as BNPL credit, and using savings to pay for essentials due to the cost of living crisis.
Without further support, more households could fall into debt for the first time due to the mortgage shock expected later this year.
The report highlights a rise in mid to high ear...