European Consumer Payment Report 2021
The UK edition of the European Consumer Payment Report provides insights into the everyday lives of consumers, their spending habits and their ability to manage their finances. From savings to sustainability, download a copy for a comprehensive view of consumer finance trends.
Consumers expect to take on additional debt over Christmas period
“Bringing family together and meeting expectations”. These are the reasons why one in four Brits take on additional debt at Christmas, according to Intrum’s annual consumer report conducted in 24 European countries. Although households with families are more likely to take on debt to pay for food and presents than the average consumer, the age group being most likely to do so is Generation Z (age 18-21).
Time to focus on greater financial literacy
Particular need for better financial literacy regarding interest rates and inflation.
Policymakers and businesses can do more to support consumers
Business actions such as innovative payment solutions can empower consumers to lift themselves out of debt
Businesses need to make sustainability a top priority
Consumer perception of businesses’ ethical credentials is becoming more important and businesses should be aware of this.
“The Covid-19 crisis is a stark reminder of the essential role that financial education plays in helping consumers manage their money and withstand curveballs when they arise.”
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