Home Truths About Profligacy & Prudence

In tough times, intelligence is currency. Understanding consumer attitudes to debt is vital if financial services are to play the most positive role in an economic recovery. David O’Carroll analyses Mintel’s major research findings.
Some of our most cherished beliefs about the rampant accumulation of debt in this country turn out to be surprisingly wide of the mark, says a major new research analysis. All the same, it concludes, there are important new opportunities for financial services as people rush back from profligacy to prudence.
These are the main conclusions of Consumers’ Attitudes Towards Debt, the latest analysis of the independent market research organisation, Mintel International Group.
It addresses the key issues in the debt marketplace – how we got here, what people are thinking, who’s most likely to cut personal spending, how the sector is likely to evolve and where future opportunities may lie. All of which makes it essential reading for financial marketers.
Media perceptions of a careless, credit-obsessed society with people spending money they don’t have is held up to be a gross exaggeration. And pointing the finger of blame for the UK’s debt mountain at young people also misses the point. Perhaps unsurprisingly, the truth is more complex.
Please continue reading the published article by downloading the PDF attached.