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Financial Outlook 2023 White Paper
Financial Outlook 2023 White Paper
Financial Outlook 2023 White Paper
Financial
Outlook 2023
Navigating the storm
yougov.com/financial-services
Inside
03 Introduction
04
Part 1:
Global outlook for household
living standards
04
13
Part 2:
Who is impacted and how?
21 Part 3:
How have consumers
weathered the financial storm?
21
49 Part 4:
Financial institutions helping
to navigate the storm
55 Summary
56 Methodology
49
New YouGov data explores how disposable income has changed over the last 12
months and the outlook for the year ahead. We set out to understand who has been
most affected by this crises, how consumers are dealing with their consequences
and how managing their finances has become a focal point for the population. Our
data also delves into which demographic groups and countries have been most
impacted, and it explores what changes consumers have made to their financial
services and how they are likely to adapt their attitude towards them in the future.
We identify consumer financial priorities amid the backdrop of a financial crisis and
how financial institutions can support the changing needs of different consumers’
situations.
Using recent YouGov research across 18 international markets, this study will help
financial services marketers gain a better understanding of consumer sentiment,
behaviour, and attitudes around the evolving financial landscape.
Whilst our samples are nationally representative of each population, in some Asian
markets, samples are representative of the online or urban population.
See methodology for details.
L E A R N M O R E A B O U T O U R DATA
Global outlook
for household
living standards
The rising costs of food and energy has led to widespread concern over the cost of living for many
countries across the globe, and as a result the amount of money that consumers have left to spend
after necessities such as accommodation, food, and fuel, has been compromised. In reviewing
changes in disposable income (the amount of income remaining after the deduction of necessities
such as housing, food, and fuel) over the last 12 months, the negative impact outweighs the positive.
30% 29%
20%
12%
10% 7%
3%
0%
-10%
-20%
-24%
-30% -26%
-35%
-40% x Discretionary
Spend Index (DSI)
Decreased Decreased Stayed Increased Increased I don’t know /
a lot a little the same a little a lot can’t say
Q: Which of the following best describes how your disposable income has changed over the last 12 months? By disposable
income we mean, the money you have left after paying tax and spending on necessities like housing, food, and fuel.
(DSI = net income increase - net income decrease)
F I N D O U T H OW O U R S O LU T I O N S C A N H E L P YO U
Q: Which of the following best describes how your disposable income has changed over the last 12 months? By disposable
income we mean, the money you have left after paying tax and spending on necessities like housing, food, and fuel.
-10%
-13%
-20%
-22%
-30% -27% -27% -26% -26%
-28%
-31%
-40% -35% -35% -35% -36% -35%
-39% -38%
-40%
-50% -46%
-49%
-52%
-60%
-70%
-80%
Y Global GB Germany France Italy Denmark Sweden Spain Poland US Mexico UAE India Australia China Indonesia Hong Singapore Canada
total Kong
Q: Which of the following best describes how your disposable income has changed over the last 12 months? By disposable
income we mean, the money you have left after paying tax and spending on necessities like housing, food, and fuel.
Our recent YouGov data reveals that the last 12 months have to the future, are we likely to see changes in consumers’
provided financial challenges for many, with income levels sentiment regarding their disposable income outlook?
struggling to keep pace with the rising cost of living. Turning
E X P LO R E M O R E DATA
30% 29%
27%
20%
12% 13% 12%
10% 7%
3% 4%
0%
-10%
-28%
Next 12 months
-20% Discretionary
-20% Spend Index (DSI)
-24% -25%
-30% -26%
-40% x -35%
Decreased Decreased Stayed Increased Increased I don’t know / Last 12 months
a lot a little the same a little a lot can’t say Discretionary
Spend Index (DSI)
Q: Which of the following best describes how your disposable income has changed over the last 12 months? By disposable
income we mean, the money you have left after paying tax and spending on necessities like housing, food, and fuel.
Q: Which of the following best describes how your disposable income will change over the next 12 months? By disposable
income we mean, the money you will have left after paying tax and spending on necessities like housing, food, and fuel.
(DSI = net income increase - net income decrease)
L E A R N M O R E A B O U T O U R DATA
Q: Which of the following best describes how your disposable income will change over the next 12 months? By disposable
income we mean, the money you will have left after paying tax and spending on necessities like housing, food, and fuel.
GB -52%
-51%
Germany -28%
-30%
France -39%
-41%
Italy -49%
-47%
Denmark -38%
-35%
Sweden -35%
-41%
Spain -35%
-27%
Poland -46%
-47%
US -36%
-20%
Mexico -35%
-12%
UAE -22%
-11%
India -13%
-5%
Australia -27%
-15%
China -31%
-23%
Indonesia -27%
-20%
Singapore -26%
-24%
Canada -40%
-26% x
Q: Which of the following best describes how your disposable income has changed over the last 12 months? By disposable
income we mean, the money you have left after paying tax and spending on necessities like housing, food, and fuel.
Q: Which of the following best describes how your disposable income will change over the next 12 months? By disposable
income we mean, the money you will have left after paying tax and spending on necessities like housing, food, and fuel.
We have seen previously that more than double the number an increase. But are the same people who have already felt
of global consumers have already experienced, or are the pinch in their disposable income likely to experience an
predicting a decline in their disposable income compared to additional drop in their future?
E X P LO R E M O R E DATA
40%
30%
20%
10%
0% x
Global Italy Sweden Poland Indonesia GB Singapore Hong Germany France Australia India UAE Canada Spain China US Denmark Mexico
total Kong
Q: Which of the following best describes how your disposable income has changed over the last 12 months? By disposable
income we mean, the money you have left after paying tax and spending on necessities like housing, food, and fuel.
Q: Which of the following best describes how your disposable income will change over the next 12 months? By disposable
income we mean, the money you will have left after paying tax and spending on necessities like housing, food, and fuel.
L E A R N M O R E A B O U T O U R DATA
Visualize the stories of our wallets, such as the effect of spiralling UK energy costs over
the last 18 months and the impact this has had on consumer’s finances.
£1,10,000 Y
£1,00,000
£90,000
£80,000
£70,000
£60,000
£50,000
£40,000
£30,000
£20,000 x
Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
Understanding who
has been most
impacted and how
As cost pressures mount across the globe, financial volatility becomes
widespread. Are all consumer groups experiencing the same challenges, and
what does this mean for financial institutions and the services they offer?
Q: Which of the following best describes how your disposable income has changed over the last 12 months? By disposable
income we mean, the money you have left after paying tax and spending on necessities like housing, food, and fuel.
L E A R N M O R E A B O U T O U R DATA
F I N D O U T H OW O U R S O LU T I O N S C A N H E L P YO U
-10% -6%
-20% -14%
-18%
-30% -24%
-26%
-28%
-33%
-40% -35% -35%
-40%
-50% -46% -46% x
-60%
Q: Which of the following best describes how your disposable income has changed over the last 12 months? By disposable
income we mean, the money you have left after paying tax and spending on necessities like housing, food, and fuel.
Q: Which of the following best describes how your disposable income will change over the next 12 months? By disposable
income we mean, the money you will have left after paying tax and spending on necessities like housing, food, and fuel.
Q: Which of the following best describes how your disposable income has changed over the last 12 months? By disposable
income we mean, the money you have left after paying tax and spending on necessities like housing, food, and fuel.
E X P LO R E M O R E DATA
-10%
-20%
-24%
-30%
-28%
-30%
-32%
-35%
-40%
-39%
-50% x
Global total Male Female
Q: Which of the following best describes how your disposable income has changed over the last 12 months?
Q: Which of the following best describes how your disposable income has changed over the next 12 months? By disposable
income we mean, the money you have left after paying tax and spending on necessities like housing, food, and fuel.
L E A R N M O R E A B O U T O U R DATA
Lower income:
less than 75% -54% 27% 13% 6%
of the median
Middle income:
between 75%
-50% 31% 15% 3%
and 200% of
the median
Higher income:
higher than
-42% 33% 23% 2%
200% of
the median
Q: Which of the following best describes how your disposable income has changed in the last 12 months? By disposable
income we mean, the money you will have left after paying tax and spending on necessities like housing, food, and fuel.
Turning to the future, low-income groups continue to be disposable income to continue in the next 12 months.
more adversely affected in the next 12 months, with their Again, consumers in the higher income group are more
spending power in a more fragile state. Although the outlook resilient, with a lower proportion registering a projected
improves slightly, global consumers from lower (47%) and fall in disposable income, and about a quarter (24%)
middle-income groups (47%) expect the slump in their anticipating an increase.
-10%
-20%
-17%
-19%
-30%
-28%
-31% -31%
-41%
-50% x
Global total Lower income: Middle income: Higher income:
less than 75% between 75% and 200% higher than 200%
of the median of the median of the median
Q: Which of the following best describes how your disposable income has changed over the last 12 months?
Q: Which of the following best describes how your disposable income has changed over the next 12 months? By disposable
income we mean, the money you have left after paying tax and spending on necessities like housing, food, and fuel.
E X P LO R E M O R E DATA
L E A R N M O R E A B O U T O U R DATA
Made investments
16%
into stocks and shares
Q: Over the last 12 months, have you done any of the following…?
We see some interesting differences when we compare financial priorities across the 18 markets surveyed.
F I N D O U T H OW O U R S O LU T I O N S C A N H E L P YO U
L E A R N M O R E A B O U T O U R DATA
Regularly put money Regularly paid money into a Made investments Made investments
into your savings pension or retirement plan into stocks and shares into Cryptocurrency
Q: Over the last 12 months, have you done any of the following…?
E X P LO R E M O R E DATA
Made regular Used short-term Bought items Used an overdraft Used finance Made over-payments
payments on borrowing, like using Buy Now facility/overdraft loan to buy a car / on a mortgage or
a mortgage or loans or credit cards Pay Later plans account at any point automobile home loan
home loan to make a purchase during the month
Q: Over the last 12 months, have you done any of the following…?
L E A R N M O R E A B O U T O U R DATA
33%
Global total 24%
15%
58%
Sweden 15%
18%
48%
Germany 39%
13%
47%
Spain 22%
15%
47%
Denmark 21%
12%
44%
US 40%
16%
43%
GB 6%
12%
42%
Canada 21%
17%
36%
Italy 7%
10%
36%
Australia 38%
8%
36%
Poland 31%
28%
28%
France 23%
8%
23%
UAE 27%
14%
19%
China 22%
18%
19%
India 26%
14%
18%
Hong Kong 36%
35%
x
Paid for home, pet, or Paid for health Paid for life or critical
car/automotive insurance insurance illness insurance
Q: Over the last 12 months, have you done any of the following…?
As highlighted earlier, different consumer groups have been proving to be more adverse than others.
impacted by changes in their disposable income with some F I N D O U T H OW O U R S O LU T I O N S C A N H E L P YO U
33%
Regularly put money 29%
into your savings 37%
45%
24%
Paid for health 25%
insurance 25%
28%
17%
Made regular payments on a 20%
mortgage or home loan 15%
18%
17%
Regularly paid money into a 17%
pension or retirement plan 17%
24%
17%
Used short-term borrowing,
20%
like loans or credit cards 12%
to make a purchase
21%
16%
Made investments 14%
into stocks and shares 18%
23%
16%
Bought items using 17%
Buy Now Pay Later plans 14%
20%
15%
Paid for life or critical 16%
illness insurance 14%
18%
9%
Used an overdraft facility/
10%
overdraft loan account at any
7%
point during the month
11%
7%
Made investments into 6%
Cryptocurrency 7%
7%
Used finance to buy 7%
a car/automobile 6%
10%
6%
Made over-payments on a 6%
mortgage or home loan 5%
10% x
Q: Over the last 12 months, have you done any of the following…?
Savings are a high priority across all age groups, with around
three in ten regularly putting money into savings. However,
those in the 25–44-year-old age groups who were facing
Made investments into stocks and shares 16% 15% 19% 18% 16% 13%
Bought items using Buy Now Pay Later plans 16% 17% 21% 20% 17% 9%
Paid for life or critical illness insurance 15% 8% 16% 18% 18% 14%
Used an overdraft facility/overdraft loan account
at any point during the month
9% 8% 10% 10% 10% 7%
Q: Over the last 12 months, have you done any of the following…?
F I N D O U T H OW O U R S O LU T I O N S C A N H E L P YO U
Regularly put money into your savings 33% 24% 37% 52%
Paid for health insurance 24% 18% 29% 35%
Made regular payments on a mortgage or
home loan
17% 11% 21% 31%
Made investments into stocks and shares 16% 10% 18% 33%
Bought items using Buy Now Pay Later plans 16% 17% 18% 17%
Paid for life or critical illness insurance 15% 11% 17% 24%
Used an overdraft facility/overdraft loan
account at any point during the month
9% 8% 10% 11%
Q: Over the last 12 months, have you done any of the following…?
E X P LO R E M O R E DATA
10%
Reduced your investments 11%
in stocks and shares 9%
12%
9%
Missed a payment on any short-term debt that you may 10%
have, like loans or credit cards 7%
11%
8%
Stopped an insurance policy 10%
or reduced coverage to save money 6%
9%
7%
Cashed in or drawn down money out of your pension or 7%
retirement plan earlier than you had planned 6%
9%
7%
Withdrawn money from your home (equity release) to help 6%
cover your expenses or for unexpected emergencies 7%
10%
5%
Reduced pension or retirement 6%
fund contributions 4%
7%
4%
Missed a payment on a 4%
mortgage or home loan 4%
6%
x
Q: Over the last 12 months, have you done any of the following…?
Q: And in the last 12 months, have you had to do any of the following…?
L E A R N M O R E A B O U T O U R DATA
Q: Over the last 12 months, have you done any of the following…?
As spending power continues to be adversely impacted with income had dropped a lot in the last 12 months and who
45% expecting their disposable income to decline in the expect their income to drop a lot in the next 12 months),
next 12 months and almost two thirds globally expecting to what is the future likely to hold?
experience a double squeeze in their income (61% whose
F I N D O U T H OW O U R S O LU T I O N S C A N H E L P YO U
Made over-payments on a 6%
mortgage or home loan 6%
x
E X P LO R E M O R E DATA
L E A R N M O R E A B O U T O U R DATA
33%
Regularly put money 30%
into your savings 34%
47%
26%
Pay for home, pet, or car/ 29%
automotive insurance 24%
25%
20%
Paid for health 20%
insurance 21%
25%
16%
Regularly pay money into a 15%
pension or retirement plan 15%
22%
15%
Make investments 12%
into stocks and shares 17%
25%
14%
Make regular payments on a 16%
mortgage or home loan 14%
16%
13%
Pay for life or critical 14%
illness insurance 13%
16%
11%
Buy items using 12%
Buy Now Pay Later plans 10%
15%
11%
Use short-term borrowing, like loans or 12%
credit cards to make a purchase 9%
14%
6%
Use an overdraft facility/ 7%
overdraft loan account at any 6%
point during the month 7%
6%
Use finance to buy a 5%
car/automobile 6%
11%
6%
Make investments into 5%
Cryptocurrency 7%
12%
6%
Made over-payments on a 5%
mortgage or home loan 6%
9%
x
Income expected to decrease Income expected to stay the Income expected to increase
Global total in the next 12 months same in the next 12 months in the next 12 months
F I N D O U T H OW O U R S O LU T I O N S C A N H E L P YO U
Q: And in the last 12 months, have you had to do any of the following…?
Reviewing financial activities by income levels, higher income they are almost twice as likely to interact with financial
groups have the highest participation in all financial activities, activities compared to the global total e.g. investing in stocks
over-indexing on all except for BNPL, where they are on a par and shares, regularly paying into pensions, and making
with all other income levels. Matching previous behaviour, overpayments on mortgages/home loans.
Q: And over the next 12 months do you plan to do any of the following…?
E X P LO R E M O R E DATA
-8%
Paid for home, pet, or car/ -5%
automotive insurance -10%
-9%
-6%
Used short-term borrowing, like loans -6%
or credit cards to make a purchase -7%
-7%
-5%
Bought items using Buy -4%
Now Pay Later plans -6%
-5%
-4%
Paid for -3%
health insurance -5%
-6%
-3%
Made regular payments on a -2%
mortgage or home loan -4%
-4%
-3%
Used an overdraft facility/overdraft loan -2%
account at any point during the month -3%
-3%
-2%
Paid for life or critical -2%
illness insurance -3%
-2%
-2%
Regularly paid money into a 0%
pension or retirement plan -3%
-4%
-1%
Made investments into 0%
stocks and shares -2%
-3%
-1%
Made investments into -1%
Cryptocurrency -1%
-2%
0%
1%
Used finance to
-1%
buy a car/automobile
-2%
0%
0%
Made over-payments on a
-1%
mortgage or home loan 0%
1%
Regularly put money into 3%
your savings 0%
-3%
x
Financial actions in the last 12 months and the next 12 months, globally
Y 0% 10% 20% 30% 40% 50%
Missed a payment on a 4%
mortgage or home loan 4%
x
L E A R N M O R E A B O U T O U R DATA
24%
Used your savings to help
33%
cover your expenses or for
16%
unexpected emergencies
21%
8%
Reduced your investments 10%
in stocks and shares 8%
10%
7%
Stopped an insurance policy or 8%
reduced coverage to save money 5%
8%
7%
Missed a payment on any
8%
short-term debt that you may
6%
have, like loans or credit cards
8%
6%
Cashed in or drawn down money
7%
out of your pension or retirement
6%
plan earlier than you had planned
8%
5%
Reduced pension or retirement 6%
fund contributions 4%
8%
4%
Missed a payment on a 4%
mortgage or home loan 5%
6%
x
Income expected to decrease Income expected to stay the Income expected to increase
Global total in the next 12 months same in the next 12 months in the next 12 months
Q: And in the next 12 months, do you think you will have you to do any of the following…?
Helping to
navigate
the storm
Growing inflation, rising cost of energy, and higher interest rates are pushing consumers
to take increasing measures to track, review and adapt their spending – changing the
dynamics of how they manage their finances. While consumers cut back and struggle
with spending decisions, many banks and financial services firms are developing and
offering products and services to support them with the crisis.
Help planning for future life events 17% 28% 25% 19% 14% 7%
Help to understand how to plan for my retirement 15% 19% 19% 18% 17% 8%
Help to understand how to manage my debts 12% 17% 17% 16% 12% 5%
Help to understand if I have the right level of
insurance coverage
11% 15% 14% 14% 9% 5%
Advice on the best mortgage/home owning interest rates 9% 14% 14% 12% 8% 3%
Advice on loans 8% 12% 11% 9% 7% 3%
I don't need any help to manage my money better 44% 24% 27% 35% 45% 68%
Q: Which if any of the following would help you better manage your money?
F I N D O U T H OW O U R S O LU T I O N S C A N H E L P YO U
E X P LO R E M O R E DATA
20%
Help to understand how to use 20%
investments to grow my money 19%
28%
17%
Help to assess all of my finances and 18%
improve my financial situation 14%
22%
17%
Help planning for 16%
future life events 15%
23%
17%
Help to learn how to set a budget 16%
and track all of my expenses 15%
24%
15%
Help to understand how to 15%
plan for my retirement 14%
20%
12%
Help to understand 13%
how to manage my debts 10%
15%
11%
Help to understand if I have the 10%
right level of insurance coverage 10%
15%
9%
Advice on the best mortgage/ 9%
homeowning interest rates 8%
13%
8%
8%
Advice on loans
7%
11%
44%
I don’t need any help to 44%
manage my money better 45%
32%
x
Q: Which if any of the following would help you better manage your money?
F I N D O U T H OW O U R S O LU T I O N S C A N H E L P YO U
Help planning for future life events 17% 17% 17% 20%
Help to learn how to set a budget and track
all of my expenses
17% 18% 17% 17%
Help to understand how to plan for my retirement 15% 14% 16% 21%
Help to understand how to manage my debts 12% 14% 12% 13%
Help to understand if I have the right level of
insurance coverage
11% 10% 11% 14%
Q: Which if any of the following would help you better manage your money?
E X P LO R E M O R E DATA
Sample Size
Region Market Population sampled representation
(n=)
North America US National representative - 18 years of age + 1,578
For further information or for any questions about the data used in this report,
please get in touch.
yougov.com/financial-services
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