2024 Research & Consultancy Wrap-Up: Why TransUnion’s Voice Matters in the Market

In this episode, James O’Donnell, Director of Research at TransUnion UK, and Aukse Pringle, Senior Consultant in the Data and Analytics team, delve into the key learnings from their research over the past year and look ahead to future trends. They discuss emerging trends such as vulnerability, regulatory pressures, and the impact of “buy now, pay later” (BNPL) on consumers. They also highlight significant findings on gender and financial behaviour, noting that 75% of disposable income is now controlled by women, which has implications for product creation and marketing strategies.

Additionally, they analyse UK consumer savings rates, which dropped from 30% during COVID to 6% in 2022, with a recent increase indicating improving financial positions. The importance of financial literacy is emphasised, showing that consumers who monitor their credit tend to achieve better financial outcomes. They also observe that Gen Z is less engaged with credit compared to a decade ago, likely due to recent economic crises. Finally, they provide insights into BNPL usage, revealing that it is utilised by a diverse range of consumers, not just the young or financially distressed. Join James and Aukse as they explore these topics and share their passion for data and analytics.

Here are some actionable takeaways from this episode:

1. Monitor Your Credit: Regularly check your credit report to stay on top of your financial health and improve your financial outcomes.
2. Understand BNPL: Be aware of the implications of using “buy now, pay later” services and manage these payments responsibly to avoid debt.
3. Focus on Financial Literacy: Educate yourself about financial management, including budgeting, saving, and investing, to enhance your financial well-being.