Finance and insurance sector struggles with declining interest in credit and insurance

 

COVID-19 has hit every industry in varying degrees of severity, for the finance industries, historical turbulence has sheltered them from any immediate harm. However, as the world starts barrelling towards a recession consumer interest in the industry is high.

A new report from Reply, looks into how consumers have reacted to COVID-19 through analysis of online behaviour, some key findings showing how this has changed compared to 2019 are:

  • 38% of UK respondents reported a decrease in income
  • Consumer interest in financial services has increased by 18%
  • There was an 83% increase of interest in mid-term investments
  • Interest in insurance decreased by 36% compared to last year after an initial spike at the start of the outbreak

Read the full report here:

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Author: Eleanor Hazelton

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