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In the September 2022 survey, allpay asked 1,001 people from all parts of the UK. Payment providers will conduct further research in early 2022 and compare with the latest results. The study, conducted by his TLF Research, found that, among other trends, consumer confidence in paying household bills is declining.
As a result, we found a slight decrease in the number of social renters who are confident about paying their household bills. However, the overwhelming majority (74.9%) are confident despite the current cost of living crisis.
Interestingly, the number of social renters with access to bank accounts has also decreased compared to the beginning of the year. This percentage rose from 1.4% to 2% for him in less than a year.the trend showed
allpay also found a continuing trend of declining numbers of people relying on cash. However, a significant portion of those surveyed still relied on cash to generate their bills. Specifically about paying social rent. 1.1% of these were done using cash. Additionally, 6.9% of his water bill payments were made in cash.
Despite the overall decline in the proportion of people who rely on cash, the number of people who continue to use cash is still common. Payment providers explained that cash payment points are important and should be left to support the unbanked etc. More than half (63.6%) of social rent payments are paypoint, Position office Also pay zone station.
As part of the survey, respondents were asked if their payment methods changed due to the rising cost of living. Only 15.1% said they made a change, and 84.9% said they didn’t change their habits. Of those who chose to make changes, 37.1% said they used methods to accurately track spending to help with budgeting.
48.1% of respondents said that payment reminders make paying their bills easier. They also suggested other methods such as budgeting tools, self-service automated payments, and installment plans to support them.
This highlights that people feel as if spreading out their payments helps them manage their money better. It also suggests that the sex is increasing. This change in attitude may be due to the recent increase in billing costs.
Direct debit remains the most popular payment method, with allpay also seen earlier this year. This payment method generated an average of 45.8% utilization across all invoices. This is a 10.9% increase from the previous survey.
About 68% of people chose to pay their internet and phone bills by direct debit. In addition, 62.7% of electricity bill payers chose this payment method.
The decline in the number of debit card payments being used suggests that direct debit growth will continue. This method remained his second most popular, but since February he has dropped 11.3% to remain at 16.2%. The decline in debit card payments suggests that many people are choosing direct debits for better financial planning and management.
