With the cost of living increasing at its fastest rate in 40 years, and many of the UK’s households and businesses facing rapidly rising bills, it’s more important than ever for consumers to understand and manage their money in the most cost-effective way.
A recent report from open banking platform Yapily revealed that around 95 per cent of consumers are concerned about increases in the cost of living, while Bank of England figures for December showed that consumers borrowed £2bn in consumer credit, up £0.5bn on the previous month.
While there is no silver bullet, open banking-enabled tools and services can offer practical ways for consumers to take control of their finances.
By sharing their banking data, they can:
- Access apps and services that are specific to their financial circumstances
- Make more informed financial decisions
- Get better value for money
- Boost their confidence in managing money
- Improve their financial wellbeing.