Comment on UK households' income and saving statistics
Commenting on today’s statistical bulletin from ONS, regarding UK households' income and savings, Steve McNicholas, our Managing Director – Credit and Marketing Data, said:
“The slight rise in disposable income of UK households is good news for consumers, giving them more flexibility when it comes to making ends meet. With inflation rates stabilising and interest rates remaining the same (for now), as well as record employment rates, UK consumers are experiencing a respite from the challenging financial environment of previous months.
“But in order to maintain this positive trend and avoid further strain on consumer finances, lenders must ensure they are using robust data to assess a borrower’s affordability. It’s about understanding the whole picture by spotting and acting early on warning signs. This will not only prevent borrowers from overextending themselves financially but it will ultimately better protect and future-proof our economy.”