Challenge
Managing debt
In October 2022, the Financial Conduct Authority's Financial Lives survey revealed that 7.8 million people are finding it harder to keep up with their bills, an increase from 5.3 million in 2020. The UK has also seen an increase in people facing financial difficulty, missing domestic bills or credit repayments.
Solution
Up-to-date financial data – information about daily incoming and outgoing funds – can help to tackle debt. By quickly building an accurate view of an individual’s spending, apps can signpost people to a range of budgeting tools to navigate out of problem debt. This includes debt consolidation, and authorising professional advisory services to view this data so that they can help.
There are also digital ‘debt adviser’ apps which provide online budgeting, debt advice, flexible repayments and money coaching to help alleviate financial stress and boost financial resilience and wellbeing.
