Credit Kudos has launched the Borrowing Index, a report that uncovers the nation’s current financial situation and borrowing behaviours.
The index surveyed 2,000 people in the UK between March 12 and 16 this year. It reveals the population’s attitude to credit, openness to open banking, and outlook for the rest of the year.
Launching on May 6, the Borrowing Index found that the number of people who have debt has reduced by five percentage points over the past year, however 64% of people in the UK currently have some type of borrowing.
The detailed report provides a breakdown by sector of debt levels across mortgages, credit cards, buy-now pay-later and more. It also examines the impact of the pandemic on repayment confidence and savings, and breaks down the difference in impact on men and women and different age groups, too. Perhaps unsurprisingly, younger generations were hit the hardest, with GenZ and Millennials experiencing the most significant negative impact on income.
Looking forward, the report analyses the role that open banking will play in the nation’s financial recovery. As the country gradually emerges from lockdown, the index looks at the number of ways in which open banking can assist financial recovery by enabling innovation, improving value proposition of products, and helping decision making.
To read the Borrowing Index, click here.