Third of adults more money aware since lockdown

We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

More than a fifth of Britons now believe they have gained better control of their finances since March. But while one in four have become more interested in their financial wellbeing, 60 percent are still unaware of their current credit score – an important indicator of a person’s financial health. This is critical because lenders use this to help decide who to lend to, how much to lend and, sometimes, how much to charge.

The research, commissioned by Experian, also found that three in 10 never look at their credit score, and 25 percent are unaware of the factors that contribute to it.

This could present a problem for the 19 percent who are likely to apply for credit in the New Year.

The findings mark the launch of Experian Boost – a new and free instant credit score improvement service that includes digital subscriptions including Netflix, Amazon Prime and Spotify. 

These regular payments for the nation’s “lockdown essentials” can now count towards improving credit scores and ultimately, financial eligibility, for the first time.

The study, conducted via OnePoll, also found that these subscriptions are “lockdown essentials” that Brits can’t be without.

In fact, 32 percent claimed these forms of entertainment have been central to life in recent months.

James Jones, the head of consumer affairs at Experian, said: “The current circumstances mean many have had no choice but to take more notice of their spending.

“We also know that consumers are more likely to take an active interest in their overall financial health if they feel like they can directly control it – whether that’s by making a concerted effort to build savings or by improving their credit score.

“Our study found that 41 percent feel they would be more engaged with their financial health if they could prove they were reliable with money using their regular subscription payments.

“Now, for the first time with Experian Boost, keeping up with our TV and music streaming subscriptions can contribute to our overall financial image, which ultimately could positively impact our chances of securing credit in the future.”

Source: Read Full Article