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Listen "8. Bonus episode: Financial Fairness Tracker"
Episode Synopsis
This short bonus episode discusses the findings of the Financial Fairness Impact Tracker, a regular survey of household finances.
The latest edition of the tracker found that across the UK one-in-six of all households (4.4 million) are now in ‘serious financial difficulties’, compared to one-in-ten (2.8 million) in October 2021 – an additional 1.6 million households.
Mubin speaks to Sharon Collard and Jamie Evans from the Personal Finance Research Centre at the University of Bristol, who carry out the regular analysis of the data, about the trends they are finding.
The tracker is based on a survey we’ve commissioned from YouGov, which examines the finances of nearly six thousand households.
Since the start of the pandemic, we have been working with a team of researchers at Bristol University to track household finances. We wanted to see how people were faring during the turbulent times, and to be able to make policy recommendations based on real-time evidence on what was happening. Something that really surprised us was that there wasn’t a steep decline in financial well-being during the pandemic. Clearly, some people were more affected, especially those excluded from government support, but others saw a boost to their finances. So overall, the numbers in financial difficulty did not significantly rise or fall over the past two years.
However, the latest iteration of the survey shows that things have now taken a sharp downturn. Here with me today are Sharon Collard and Jamie Evans from the Personal Finance Research Centre at the University of Bristol who analyse the results from the financial impact tracker.
Firstly Sharon, can you tell us what you found in the latest survey?
The latest edition of the tracker found that across the UK one-in-six of all households (4.4 million) are now in ‘serious financial difficulties’, compared to one-in-ten (2.8 million) in October 2021 – an additional 1.6 million households.
Mubin speaks to Sharon Collard and Jamie Evans from the Personal Finance Research Centre at the University of Bristol, who carry out the regular analysis of the data, about the trends they are finding.
The tracker is based on a survey we’ve commissioned from YouGov, which examines the finances of nearly six thousand households.
Since the start of the pandemic, we have been working with a team of researchers at Bristol University to track household finances. We wanted to see how people were faring during the turbulent times, and to be able to make policy recommendations based on real-time evidence on what was happening. Something that really surprised us was that there wasn’t a steep decline in financial well-being during the pandemic. Clearly, some people were more affected, especially those excluded from government support, but others saw a boost to their finances. So overall, the numbers in financial difficulty did not significantly rise or fall over the past two years.
However, the latest iteration of the survey shows that things have now taken a sharp downturn. Here with me today are Sharon Collard and Jamie Evans from the Personal Finance Research Centre at the University of Bristol who analyse the results from the financial impact tracker.
Firstly Sharon, can you tell us what you found in the latest survey?
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