The financial landscape in the UK is dire!

Over 14.2 million people have low financial resilience, a number that increased by 3.5 million since the COVID-19 pandemic. Nearly 15 million adults have less than £100 in savings, and 46% of adults are financially vulnerable. This includes 2.1 million people using high-cost credit and 40% struggling with money management.

The Impact on Vulnerable Groups

Lone parents, social housing tenants, and individuals in deprived areas are particularly affected, facing financial exclusion and limited access to affordable credit. Financial pressures contribute significantly to mental health issues, with 30% of UK adults feeling anxious about their financial situation. The lack of affordable credit forces many into high-cost lending, worsening their financial instability.

The Role of Finance Apps

Spend tracking apps have gained popularity as tools to help manage finances. These apps offer features such as pend analysis, budgeting, and financial advice. However, there remains a significant need for solutions that not only track spending but also provide tangible financial benefits.

How Cheddar Can Help

In light existing financial struggles, using effective financial tools becomes essential. Apps like Cheddar offers a unique solution by leveraging open banking to provide cashback offers and with expanded financial management tools launching soon. As opposed to overspending on non-essentials, use finance apps to save on essential spend, manage finances better, and regain financial control.

Not sure where to start? Download Cheddar to take the first step towards a more secure financial future, and experience the benefits of an app designed to tackle financial vulnerability head-on.