Interest in financial solutions across the UK is soaring, with hotspots for credit scores
By Puja Sharma
Research shows geographical hotspots for credit score search interest, seasonal patterns, and soaring interest in financial wellbeing solutions across the UK
In a comprehensive analysis of its proprietary data and Google Trends data, Loqbox, a Bristol-based financial wellbeing business, has published insights into the geographical locations and annual time periods when credit scores become a heightened concern for people in the UK. By publishing its findings, Loqbox aims to shed light on how the fluctuating economic landscape is impacting consumer behaviour and financial confidence.
Among notable trends, the search term ‘How to save money on gas and electricity’ witnessed a staggering 300% increase from January 2022 to November 2023, indicating a pressing need for improved financial support among consumers.
Geographically, certain areas in the UK exhibited the highest proportional search volume for the term ‘credit score’. Raunds, Barking, Kippax, Wigan, Salford, Luton, Stapleford, Burton Upon Stather, Grimsby, and Wembley emerged as the top 10 locations expressing heightened concern about their credit scores.
Moreover, Loqbox’s analysis revealed a seasonal pattern in consumer credit score interest. Following a gradual decline in the search term throughout 2022, there was a significant jump from the final week in December 2022 to January 2023. This has been a consistent trend for the past five years, with the annual surge likely attributed to consumer anxiety following holiday spending or New Year’s resolutions for stronger financial wellbeing and the desire to reach new financial goals in the year ahead.
Intriguingly, the search term ‘Loqbox’ itself has experienced an extraordinary 1,800% increase over the past five years, signalling a growing awareness and interest in the innovative financial wellbeing solutions Loqbox has to offer.
Gregor Mowat, Co-Founder and Co-CEO of Loqbox, said, “The past few years have seen economic fluctuations and global uncertainties that can often paint a harrowing picture. Data shows that, when economic conditions drop, people take action and seek ways to improve their financial situation. We’re pleased to see more and more people turning to Loqbox for help with their financial wellbeing, and we are proud to help people across the UK to improve their credit scores, grow their savings, and improve their overall relationship with money.”
These insights emphasise the evolving financial challenges faced by people in the UK and highlight the increasing significance of tools like Loqbox for helping people build their understanding of how the financial system works, so they can take their next steps more confidently.
Key Findings:
- In April 2022, the energy crisis led to household energy bills surging by 54%. Simultaneously, economists predicted an impending recession, prompting an increase in searches for ways to improve financial standing and protect credit scores.
- By March 2023, Full Loqbox membership sign ups were up by more than 15% compared to the previous year.
- British consumer morale rose in June 2023, reaching its highest level since January 2022. This marked a shift in sentiment as households grew more optimistic about the economy, and it correlated with a dip in Loqbox membership signups.
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