CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Four in five people suffer from financial nightmares
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Four in five people suffer from financial nightmares PDF Print E-mail
Wednesday, 21 October 2015
Four in five (80%) people suffer from financial nightmares, according to new research from peer-to-peer lender RateSetter.

Of people who have experienced difficulties due to financial fears, more than a third (39%) say they have felt anxious or stressed, 16% have become physically ill and 7% report increased reliance on alcohol. A fifth of those aged 25-34 (17%) said they had taken time off work because of a financial nightmare - more than any other age group.

The most common financial fears include an unexpected bill (31%), being a victim of fraud (31%), bills for house repairs (26%) and replacing white goods such as fridges, washing machines and boilers (24%). A fifth (22%) fear redundancy and 12% are worried about interest rate rises, according to the poll conducted by Populus.

Reflecting the precarious nature of the UK housing market, one in seven (15%) fear an increase in rent (20% in London) and one in ten (8%) fear home repossession or tenant eviction. Those aged 55+ are more likely than any other age group to say they fear being a victim of fraud (42%).

The ten most common financial nightmares

1An unexpected bill - 31%
2 Being a victim of fraud - 31%
3 House repairs - 26%
4 Replacing broken white goods e.g. fridge, boiler - 24%
5 Redundancy to either me or my partner - 22%
6 Car or bike failing MOT - 16%
7 Increase in housing rent - 15%
8 An interest rate rise (e.g. on mortgage, credit card, overdraft etc.) - 12%
9 Going unexpectedly overdrawn - 9%
10 Stock market crash - 9%

“These figures show just how important it is that financial products and providers work in customers’ best interests”, commented Rhydian Lewis, CEO at RateSetter. “Our research indicates there is clearly a lot more that needs to be done. Basic things like avoiding lending to people who won’t be able to afford the repayments to removing fees, and communicating proactively all help avoid financial nightmares.” Rhydian added: “We’ve all waited too long for the financial system to work in the best interests of customers – not the interests of providers – and innovators like RateSetter are leading the way.”
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197