How will the Covid 19 pandemic affect the financial wellbeing of your customers?

Do you ever watch the news and wonder what the latest revelation means for your customers in terms of financial wellbeing and affordability? Headlines can be confusing about money matters and very general, including which parts of the country they relate to.

The pandemic has impacted everyone to one degree or another, and the effects of Brexit are starting to be seen across the country as average weekly shopping costs increase. The Budget headlines were announced on 27 October 2021, and public borrowing needs to be repaid. The Bank of England also predicts that inflation will top 4% by the end of 2021.

Disposable income is set to reduce for many by August 2022 – this is according to independent research carried out on behalf of IE Hub. For many households across Britain, budgeting exercised will need to take place now, to avoid falling behind on payment arrangements.

To help you better understand the economic impacts on your customers and their ability to make payments in the future, IE Hub has produced a whitepaper. In this paper, Dylan Jones, IE Hub CEO, explores an average family’s income and outgoings now versus 2022.

Read here: IE Hub Whitepaper

Jones, said: “If more isn’t done to highlight the need for budgeting in the here and now, organisations will find themselves in a situation where their customers can no longer afford to make payments. This will prove particularly difficult where vulnerability exists. There are tools available to support customers ahead of the impending debt tsunami – IE Hub is one of them!”

IE Hub is urging organisations across all sectors to take action now.