Four out of five consumers voice financial fears following the Chancellor’s Spring Statement

Whilst hopes were high that the Chancellor’s Spring Statement would counter the rising cost of living, a survey by digital payments expert PayPoint confirms that financial fears remain high amongst consumers^*.  85% of those surveyed shortly after Rushi Sunak’s announcement said they were concerned about their financial outgoings for the next twelve months. Escalating energy prices are the biggest concern (66%) followed by the cost of fuel for vehicles (12%) and grocery bills (11%).

As household purse strings tighten, PayPoint calls upon businesses to adapt their payment and collection practices to offer solutions that empower their customers to responsibly manage their living costs, without compromising their financial security.

Danny Vant, Client Services Director for PayPoint explains, “One in two people we surveyed said the Chancellor’s Spring Statement fell woefully short of allaying their financial concerns. We are still navigating our way through the economic challenges of the last two years and many remain financially vulnerable, so it’s perhaps unsurprising that people feel that government should have done more to reduce the cost of living burden.

“However, businesses can play a vital role in stabilising uncertainty by supporting their customers with payment terms and tools that spread financial commitments and reduce the likelihood of customers getting into arrears. In turn, businesses should be rewarded with greater customer loyalty and retention for the longer term.”

36% of consumers surveyed by PayPoint called for greater flexibility when it comes to single or recurring payments, such as rent, utility and credit bills, including the ability to adjust payment dates and the amount on a month-by-month basis. Furthermore, one in five said a user-friendly digital payment platform – web or app – would provide much needed support in managing outgoings on a daily basis.

PayPoint’s PayByLink solution enables companies collecting bill payments – whether on credit or prepaid – to send tailored, personalised reminders by email or SMS, allowing customers to pay quickly and easily from the palm of their hand. This includes the option to set up either a one-off or recurring payment.  Delivering true customer-focused flexibility, the customer will also receive a barcode for making an in-store payment, if that is their preferred method, as well as the option to request a call back so they can pay over the phone.  Sitting within PayPoint’s multi-channel digital payment solution, MultiPay, PayByLink gives customers contact options, minimises unnecessary payment chasing for businesses, reduces the burden on call centres and improves cashflow. 

Danny Vant concludes; “Payment flexibility has never been more important, as we continue to face financial uncertainty.  This is why PayPoint is dedicated to providing solutions that genuinely enable people to responsibly manage their finances, reduce arrears and build confidence in the businesses and services they choose to use. By working in partnership, our solutions benefit consumers and businesses alike.” 

*Survey of 200 consumers conducted 23^rd March 2022 by independent survey Maru/HUB’s research platform.