EIGHT in 10 Brits are ‘worried about their money’ and millions have cut back on their spending since the UK began self-isolating. A study of 2,000 adults found 47 per cent have drastically reduced their outgoings, feeling the need to stockpile cash instead. And four in 10 Direct Debit users have plans to cancel […]
EIGHT in 10 Brits are ‘worried about their money’ and millions have cut back on their spending since the UK began self-isolating.
A study of 2,000 adults found 47 per cent have drastically reduced their outgoings, feeling the need to stockpile cash instead.
And four in 10 Direct Debit users have plans to cancel at least one of their regular payment, with half of these unlikely to be reinstated once lockdown is over.
The research, commissioned by payments service Ordo [https://www.myordo.com/landingPage], revealed the top direct debits consumers are most likely to cancel in response to the current economic climate.
Gym memberships (35 per cent) emerged as the most likely to be stopped, closely followed by Amazon Prime (24 per cent) and Sky Sports (20 per cent).
Craig Tillotson, CEO and co-founder of Ordo said: “The UK lockdown means that many of us are having to take a much closer look at our personal finances.
“Our research shows businesses will need new alternatives to Direct Debit if they are going to continue to serve all their customers at this difficult time.”
The study also found 15 per cent of respondents will cancel a magazine subscription, while more than a tenth (12 per cent) will forego their National Trust membership for the foreseeable future.
A further 12 per cent see no need to continue with their mobile phone insurance, and similarly theme park memberships will be frozen by the same amount, according to the OnePoll figures.
Craig Tillotson added: “With growing uncertainty about their income, consumers want a tighter grip on money matters, and many are using this opportunity to undertake a much needed ‘Financial MOT’.
“We know people are starting to cut back on those discretionary items or services as a first port of call, before they review essential everyday expenditure or charitable causes close to their heart.
“At Ordo, we want to help improve the financial wellbeing of everyone by helping people be more in control of their money.
“We allow people to make payments simply, swiftly and securely and gain a better understanding of the status of their bills and payments.”
Find out more at Ordopay.com/info
1) Gym memberships (35 per cent)
2) Amazon Prime (24 per cent)
3) Sky Sports (20 per cent)
4) Music streaming service (16 per cent)
5) Magazine subscription (15 per cent)
6) Film TV channel (14 per cent)
7) Cinema pass (12 per cent)
8) National Trust membership (12 per cent)
9) Phone insurance (12 per cent)
10) Theme park membership 12 per cent)
