Consumer Pulse Wave 7

The financial impact of COVID-19 remains both broad and relatively unchanged, with 55% of households reporting some negative financial impact in the latest wave of the survey. On the plus side, there are signs that consumers feel the worst of COVID-19’s impact is behind us: 27% of households do not expect any future financial impacts of COVID-19, up from 14% in the first round of the survey back in March.

That said, there are more subtle long-term costs involved too. Twenty-three percent of those who have been financially impacted by the COVID-19 crisis have cut back on their saving for retirement and 11% have reduced their retirement saving. As such, even when their incomes return to pre-crisis levels, there will be a financial hole to fill.

Only 6% of financially impacted households have not adjusted their budgets, but even among those who have not been impacted directly there has been a lot of change – 33% have made no changes, but 43% have cut back on discretionary spending.

COVID-19 related fraud remains a threat, as 30% of British households reported being aware of some attempt to defraud them; about 25% of would-be victims do fall foul of the attempt.

If you’re a consumer with questions or issues related to your personal credit report, drivers history report, disputes, fraud, identity theft, credit report freeze or credit monitoring services, please visit our Customer Enquiries page for assistance.

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