Support measures ‘stabilising’ Covid-19 impact on household finances

The various financial support measures to combat coronavirus are stabilising the impact on household and personal finances, according to research from TransUnion.

A consumer research study that the credit reference agency carried out amongst 1,057 UK adults between 6 and 7 April 2020 found the number of households negatively impacted remains largely unchanged at three out of five.

However, the number of people not currently impacted who are expecting they will be negatively affected in the future has dropped – from 28% to 19% over just three weeks – according to another TransUnion study amongst 1,095 people in March.

TransUnion suggested its figures indicate more people now had “reassurance” that they were braced to manage the uncertainty ahead from a financial perspective, “at least in the near-term”, the agency added.

TransUnion managing director of consumer interactive in the UK, Kelli Fielding, commented: “The small improvements seen in our tracking of the financial impact on consumers are a welcome indication that people are utilising the support that’s on offer for those experiencing financial difficulty as a result of Covid-19.

“The study also shows that UK consumers are actively taking positive steps to manage and maintain their financial standing.

“We’re seeing an increase in the numbers who know their credit score, suggesting that the current uncertainty and the desire to understand and protect their financial position during this pandemic has encouraged more individuals to take control of their credit information.”

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