HSBC UK survey reveals strong debt management confidence

HSBC UK’s recent research reveals the current state of consumer confidence in debt management across the country.

The survey indicates that while consumers generally feel capable of managing and reviewing their debts, there is still a considerable need for continuous financial education to close the gap between their financial goals and the resources available to them.

Key findings from HSBC’s survey:

• Debt awareness: 74% of Brits are familiar with debt consolidation, and 68% know their consolidation options.
• Financial resilience: 60% are confident in their ability to handle unexpected expenses over the next 12 months.
• Goal achievement: 52% believe they can reach their financial goals for the coming year.

Despite these encouraging signs, the survey also highlights significant gaps:

• Only 34% have a full understanding of their debt options, and just 23% have sought advice from their bank.
• Younger adults (18-24) exhibit less confidence in managing debt (37% compared to 65% for older adults) and have a poorer understanding of the differences between secured and unsecured debt (54% compared to 70%).

For further information, please visit: https://www.hsbc.co.uk/loans/what-is-debt-consolidation/