Growing numbers of customers, and businesses, are more financially vulnerable than ever.
The withdrawal of COVID-related government financial support, along with the combination of high inflation and rising interest rates, is putting millions into debt and placing significant financial strain on society and business.
Many are finding themselves vulnerable for the first time, with those already in vulnerable situations being more squeezed than ever. This is bad for society and bad for business; no-one wins where debt is concerned.
Businesses must look beyond macro trends, understand their customer's circumstance and adapt their strategies to proactively identify and support the financially vulnerable.
By embracing a customer-led approach making better use of data and technology, they can bring a differentiated level of support and service to their customers. And by preventing debt now, businesses can avoid spiralling costs, reputational risk and existential threat.
Loyalty and trust have never been more important. At Baringa, we are working with our clients to support their customers when they need them most.
Financial vulnerability can affect everyone
Bringing the industry together to support customers
We share an overview of the challenges, solutions and success factors highlighted by our clients and industry partners around financial vulnerabilityRead more
Financial vulnerability – industry insights
We’ve been speaking with industry experts to gain their insights into the financial vulnerability challenges facing business and customers.Read more
Financial Vulnerability: how to be part of the solution
Businesses should prepare to support their customers in managing the pressure of household finances rising.Read more
Britain’s vulnerable working population in 2022
Baringa’s Vulnerability Index reveals the most at-risk areas of the UK’s working population.Read more
Millions at risk of financial vulnerability
Living standards ‘crunch' set to stoke financial vulnerabilityRead more
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