Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


Almost one third concerned about ability to meet financial commitments over next six months

Online research from Equifax, the consumer and business insights expert, reveals that 43% of British adults don’t have any personal savings set aside for unexpected financial events such as unemployment, illness or urgent repairs to their home.

The survey, conducted by YouGov ahead of the recent Bank of England rate rise, found that nearly one third (29%) of people , are concerned about their ability to meet all their financial commitments, for example rent, utility bills or mortgage payments, over the next six months. People are even more worried about their longer term financial commitments, with 37% concerned about meeting their obligations over the next two years.  This figure rises to 48% for 35-44 yearolds.

Half as many renters (33%) have savings set aside to fall back on compared to homeowners (67%), despite 43% of people who rent expecting their rent payments to increase to some extent in the next year, and of these people, 42% say they’re unable to afford any increase.

Jake Ranson, Banking and Financial Institution expert at Equifax Ltd, said: “The extent to which people live pay cheque to pay cheque with no financial cushion is a particular concern in the current uncertain economic environment. Debt levels are on the rise and wherever possible consumers should budget for unexpected expenses. The recent interest rate hike highlights the importance of setting aside some cash to counter any financial shocks.

“To help consumers better manage their finances, companies must ensure they offer products that match an individual’s financial capacity in the long term, taking into account economic jolts that could impact their ability to meet repayments.”