Disposable income is set to reduce for many throughout 2022 - this is according to independent research carried out on behalf of IE Hub. For households across Britain, budgeting exercises will need to start now to avoid falling behind on payment arrangements in the coming months.
The pandemic has impacted many UK residents and the effects of Brexit are starting to be seen across the country with the rise in average weekly shopping costs. The Budget headlines were announced on 27th October 2021 and public borrowing needs to be repaid. The Bank of England also predicts that inflation will top 4% by the end of 2021.
To help organisations better understand the economic impacts on their customers, IE Hub has produced a whitepaper. In this paper, Dylan Jones, IE Hub CEO, explores an average family’s income and outgoings in 2021 versus their position in 2022 following the expected increase in living costs. The findings display an average family of four may find themselves in deficit by April 2022. The full report can be viewed at iehub.co.uk/news.
Jones said: “If more isn’t done to highlight the need for budgeting in the here and now, organisations will find themselves in a situation where their customers can no longer afford to make payments. This will prove particularly difficult where vulnerability exists. There are tools available to support customers ahead of the impending debt tsunami – IE Hub is one of them!”
IE Hub is a free online tool that lets customers share their financial information with the companies they owe money to. They simply create an account, complete the online form and share it with their creditors. No stressful phone calls. No paper forms to fill in.
