London, U.K., 26 February 2024 – New research from Experian reveals that amidst continued changing economic conditions, 6 in 10 (58%) British businesses admit they could do more to educate people on how to manage their finances.
The research, released for Credit Awareness Week, shows how British businesses are aware of how to improve their customer’s financial health with education, inclusion and preventing fraud and financial crime, but cite some challenges.
The findings show nearly three quarters (74%) worry about financial security and fraud. With the House of Commons stating financial crime costs the U.K. economy £290bn per year, 76% also agree protection from financial crime is a priority for their business.
In addition, with the Financial Conduct Authority’s Consumer Duty regulation, 59% state they are considering or committing investment in services to help those with support needs better communicate with their business this year.
However, a lack of budget, lack of internal resources or not having the right technology in place were some of barriers cited in the findings that would impact making the right investments in preventing financial crime or providing the right communications services.
Jose Luiz Rossi, Managing Director UK&I at Experian, said: “The U.K. is going through continued economic change and that puts a spotlight on the need to prioritise financial health. The research shows British businesses are aware and focusing on the right things to help their customers manage their finances. However, it is important that they continue to think about how they can invest in new innovative services to help drive more financial inclusion as well as protect themselves from fraud and other forms of financial crime.”
"The industry also needs to work alongside the Government and educational bodies to drive more awareness about how people can take control of their finances. At Experian, we remain committed to improving financial health for all and we do that through our expertise in data and analytics as well as driving continued education and innovation.”
Taking place this week, Credit Awareness Week is an annual campaign in partnership with financial services publication Credit Strategy. Now in its eighth year, the focus remains on educating consumers and businesses on what is needed to manage their finances and financial health. Since its original launch in 2017, the campaign has reached millions of consumers in the UK.
Find out more about Credit Awareness Week here.
ENDS
Notes to Editor:
Nationally representative online research carried out by YouGov Plc of 510 British businesses in January 2024.
Media contact:
Vicki Cook, Head of Corporate and B2B PR, Experian UK&I
Tel: +44 7977 798 173 / Email: vicki.cook@experian.com
About Experian
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
We have 22,400 people operating across 32 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. With corporate headquarters in Dublin, Ireland, we are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.