2.7 Million & Rising

2.7 Million and rising. This is the number of people claiming benefits for being out of work, or on very low incomes (as at the end of August 2020).

The Office for Budget Responsibility, in its optimistic scenario, predicts that the unemployment rate will peak at 9.7% this year, and will not return to pre-crisis levels until 2022.

However, in its least optimistic scenario, the unemployment rate peaks at 13.2% in 2021 - with 4 million people out of work and even by 2024 the UK will still not see unemployment rates return to pre-crisis levels.

What is your organisation doing to encourage consumers, already in or facing financial difficulty, to use currently available financial management apps which have been designed to help them understand and manage their income and outgoings?

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