53% of Brits improved financial planning during pandemic, says Indesser

By Megha Bhattacharya

53% of Brits have reportedly improved their financial tracking and budgeting during COVID-19, according to research by Indesser, a joint venture between the Cabinet Office and TDX Group. The research surveyed 1009 adults.

43% of the respondents stated that they were paying off more debt than before while 36% stated that they are saving more for retirements. 60% of the respondents felt that they were in control of their finances.

Rhona Parry, CEO of Indesser, said, “The impact of COVID-19 on people’s finances continues to be highly complex and diverse. While it’s very encouraging to see people paying greater attention and exercising more autonomy over their personal finances, there is also a less positive and more alarming trend developing.

“The pandemic has exacerbated the sense of a two-tier debt society, where a significant minority are struggling to keep on top of their bills and effectively manage their finances. In this environment, where the end of forbearance measures looms and unemployment is expected to surge4, it’s vital for creditors to use informed data to identify financially vulnerable individuals and treat them with empathy and compassion.”

The research showed that 74% of the ones surveyed said that their income has either increased or stayed the same since the beginning of the pandemic. 47% of people said that they worry about their finances every day, up 4% since June 2020, and almost a quarter (24%) feel incapable of managing their finances, a rise of 5% since last summer.

Established in 2015 as a joint venture between the Cabinet Office and TDX Group, Indesser operates a full range of end-to-end debt management services based on data, technology and analytics, providing services to multiple central and local government bodies.