Category Archives: Cost of Living Crisis

Business News, Cost of Living Crisis, Economy & Jobs News, Transport

Veezu Introduces Lower Taxi Fares in Rotherham

In support of the ongoing cost-of-living challenges, local private hire firm Veezu has announced it will offer the cheapest rides in Rotherham, starting from £3.80.

The decision to lower its fares follows careful consideration, analysis of market trends, passenger feedback and the current economic landscape. With the cost-of-living crisis putting a strain on many households in the community, Veezu has recognised the importance of offering relief where possible. The reduction will ensure that new and existing passengers have access to smarter local rides, at an affordable price.

Arnie Singh, Chief Operating Officer at Veezu, said: “Veezu is committed to supporting the community where we can, especially in times of financial strain. By lowering our fares, we hope to ease some of the burden on passengers seeking budget-friendly transportation options.”

Rides can be booked through the Veezu app or by calling the usual local number 01709 555 000. Veezu also offers multiple payment options, including Google Pay, Apple Pay, card, or cash, making it even easier for passengers to pay their fare.

To download the Veezu app visit www.appsend.me/veezu

Business, Cost of Living Crisis, Economy & Jobs News, Transport

Veezu Introduces Lower Taxi Fares in Derby

In support of the ongoing cost-of-living challenges, local private hire firm Veezu has announced it will offer the cheapest rides in Derby, starting from £3.50.

The decision to lower its fares follows careful consideration, analysis of market trends, passenger feedback and the current economic landscape. With the cost-of-living crisis putting a strain on many households in the community, Veezu has recognised the importance of offering relief where possible. The reduction will ensure that new and existing passengers have access to smarter local rides, at an affordable price.

Arnie Singh, Chief Operating Officer at Veezu, said: “Veezu is committed to supporting the community where we can, especially in times of financial strain. By lowering our fares, we hope to ease some of the burden on passengers seeking budget-friendly transportation options.”

Rides can be booked through the Veezu app or by calling the usual local number 01332 75 75 75. Veezu also offers multiple payment options, including Google Pay, Apple Pay, card, or cash, making it even easier for passengers to pay their fare.

To download the Veezu app visit www.appsend.me/veezu

Business Advice, Cost of Living Crisis, News

Why the Cost of Living Crisis Can Present New Opportunities for Female Entrepreneurs

THE cost of living crisis presents a unique opportunity for female entrepreneurs, a leading entrepreneur says.

Daniella Genas, founder of Be The Boss, says that as tough as the current landscape is there are reasons to be optimistic.

Business growth expert Daniella, who gave the keynote speech at the Birmingham Black Business Show earlier this month, said: “The last few years have been particularly trying for most and especially small business owners. Between Covid, Brexit and the war in Ukraine, it has been a challenging time. And now, the cost of living crisis is presenting its own set of challenges.

“For female entrepreneurs specifically, could this current crisis present opportunities for success? Yes. It is often said that in the midst of challenges golden opportunities are often just waiting to be discovered.

Daniella continued: “Historically, women have been the ones to manage the household budget, balancing the needs of the family and ensuring financial stability. It is therefore likely mainly women that are bearing the brunt of trying to manage the soaring prices during this crisis. They will be a lot more conscientious with how they are spending and looking for budget friendly alternatives. This increases demand for innovative and cost effective alternatives which female entrepreneurs may be able to fulfil through the development of new products/services.”

Daniella said the cost of living crisis has driven up competition in many areas.

She said: “With businesses and individuals tightening their purse strings, the overall business landscape has become more competitive. This means that relying on just one revenue stream and being comfortable, may no longer be viable for many business owners. Being innovative and harnessing new technologies and new ways of working is going to be essential across the board. This presents an exciting opportunity for female entrepreneurs to explore new business models, revenue streams, and develop new services and products across various industries. It also means that those in employment may also find now to be a necessary time to start a side hustle.”

According to Daniella e-commerce presents a particularly good opportunity.  She said: “The many advancements in digital technologies mean new enterprises can be launched with relatively low start-up costs. The digital economy, particularly e-commerce is an area that female entrepreneurs can harness as they provide flexible platforms enabling them to juggle other entrepreneurial pursuits as well as any caregiving responsibilities which we know disproportionality fall to women.”

Daniella says joining networks and support-groups is also a great way to cope with the present challenges.

“The cost of living crisis also presents an opportunity for an increase in female led groups, networks and mentoring programmes. Female-led communities provide a space where women facing similar challenges can come together and share their experiences. During a cost of living crisis, women may encounter unique struggles related to financial hardships, work-life balance, caregiving responsibilities, and more. A cost of living crisis can be emotionally overwhelming, causing stress, anxiety, and uncertainty. By providing a safe and empathetic environment, these communities can help alleviate stress and promote mental well-being. Whilst this may not immediately seem like an opportunity to gain financial benefit, female led entrepreneurs that spearhead these communities and initiatives, may find that they are able to charge low amounts but build revenues through the volume of membership.”

 

Cost of Living Crisis, E-Commerce

Cracking the Cost of Living Crisis: Harnessing the Power of Discount Codes

As the cost of living consistently keeps soaring, it has become increasingly vital to navigate through the financial challenges we face. Struggling with the pressing issues of a living crisis, saving your money, and planning one’s finances is the need of the hour.

The use of coupons like Love Discount vouchers is one of the best ways to utilize the best of the available resources at hand and also ensure that you are saving your money the right way. To understand the cost of living crisis, we need to explore the importance of using discount codes to overcome these economic hurdles.

This article will explore everything you need to know about the power of discount codes and how you can optimize their use to save maximum.

The Cost of Living Crisis: Balancing Inflation and Salaries

The biggest issue that’s contributing to the cost-of-living crisis is the rising rate of inflation. In the last few years, the cost of living has surged pretty significantly, posing a problem to individuals and families across the world.

The price of essential goods and services, such as housing, healthcare, and education, has outpaced the rate of inflation in several leading countries, putting a strain on people’s finances. Understanding the disparity between the rising costs compared to the somewhat stagnant salaries or income of people is crucial to understand why most people are living pay cheque to pay cheque.

Furthermore, comparing the inflation of goods with the average wages is another factor that contributes to the rising cost of living. One of the biggest examples of this disparity is the cost of housing, which has increased exponentially while the salaries have merely inched forward.

This alarming trend places an increasing burden on individuals and emphasizes the urgency to explore alternative solutions.

Harnessing the Power of Discount Codes: A Financial Lifeline

In this economic turmoil, one factor that has posed an essential is using the power of discount codes. However, in this world of digital goods, it isn’t surprising that even the concept of couponing has shifted online.

There are several ways to acquire lucrative discount codes through online coupon websites, brand newsletters, social media platforms, etc. These resources are effective in helping people get the best deals while shopping or buying necessities both online and offline.

Learning the ability to reduce costs through discount codes becomes an essential lifeline in the face of mounting expenses.

Finding the Best Discount Codes: Unveiling the Secrets

Now that you have a good idea about the rising cost of living and the significance of discount codes in securing the best deals, the next thing we’d like to highlight is some tips you can follow to secure the best discount codes in the future:

  • Start by sorting out the places you can find these discount codes, like online websites, brand newsletters, and social media platforms.
  • Look for discount codes that align with the needs of your purchase instead of using random coupons and codes for buying items that you don’t need.
  • Always review the terms and conditions associated with the discount codes. This includes looking at the minimum purchase and any restrictions that may apply.

When looking for discount codes, you can also collect or apply for loyalty points and then use them as discount codes on your next purchase.

Conclusion

Amidst the ongoing cost of living crisis that’s prevalent across the world, it isn’t surprising that the need to utilize discount codes is the need of the hour. Being proactive with your savings and making smart financial decisions is key to making the most out of your finance and savings.

 

Cost of Living Crisis, Finance and Banking, News

Spring budget must ease the squeeze

Chambers Wales South East, South West and Mid and the British Chambers of Commerce (BCC) are calling on the Chancellor to use the Spring Budget to relieve cost and recruitment pressures on business.

The call follows the release of new research which reveals how low business confidence has fallen at the start of 2023.

The findings from the survey, of more than 1,000 firms, reveal that almost two thirds of businesses (65%) plan to raise prices due to cost pressures and that more than half (52%) are consistently experiencing difficulties recruiting staff.

Almost half (47%) of businesses say paying energy bills will be difficult when the current business support package ends, while 4% state that they will not be able to pay their bills at all once the scheme ends on 31 March.

The survey backs up findings from both the BCC and Chambers Wales South East, South West and Mid’s recent quarterly economic surveys.

In Wales, over two thirds of businesses (67%) expected the prices of their goods and services to rise over the next three months, citing pressures from labour, raw materials, fuel and utility costs.

Recruitment also remains an ongoing challenge as over three quarters of businesses in Wales (77%) experienced difficulties recruiting staff in the last quarter.

Paul Slevin, Executive Chair of Chambers Wales South East, South West and Mid, said: “Businesses in Wales have faced a difficult few years and understandably this has knocked business confidence. With continuing cost pressures and upcoming changes to support for energy bills, many firms know that the year ahead will be tough too.

“Businesses will be looking towards the Spring Budget with the hope that the Chancellor recognises their capabilities and resilience and puts in place measures to enable investment and growth.”

Shevaun Haviland, Director General of the BCC, said: “This snapshot of the state of play for business at the start of 2023 sets out exactly why the Chancellor must act in his budget to fuel investment in the UK.

“We know we have a tough year ahead. With costs piling up on their doorsteps and so much uncertainty on Government policies, there is currently little incentive for firms to risk either their dwindling cash reserves or fresh loans on new projects.

“Firms know that the UK’s finances are tight, but the Chancellor needs to show more faith in the ability and talent of our businesses. If they can see the Government is prepared to invest in them, by taking action on childcare, energy costs, green funding and Solvency II, then the future could soon look a lot rosier and greener.”

Apps, Cost of Living Crisis, FInance, News, Wellbeing, Wellbeing News

Brits still committed to healthier spending in 2023 despite cost-of-living crisis

  • Health food brands like Protein Works and Huel see the largest increase in purchases this January
  • While Deliveroo and Just Eat see spending decline during the UK’s new year health kick
  • Spend at health and wellbeing retailers, Boots and Superdrug, declines post-Christmas rush

 

New spend data from payment and cashback app Cheddar reveals that UK consumers remain committed to spending on their health and well-being in the new year, despite cost of living pressures.

Analysis of this spend data sourced from 20,000 Cheddar app users, between December 1st 2022 to January 15th 2023, shows transactions at health food retailers increased significantly in the new year. Protein Works saw the biggest increase, with a 180% uptick in purchases, followed by Huel (100%) and Myvitamins (86%). Muscle Foods similarly saw purchases increase by a fifth (21%) between December and January, with the average consumer spending almost £40 per order.

Online takeaway food platforms also saw spending decline in the first half of January. Uber Eats saw a 35% decrease in purchases, followed by Deliveroo (34%) and Just Eat (25%), suggesting consumers change their attitude towards eating sensibly, avoiding the risk of derailing New Year diets by consuming fast foods and takeaways. Across all 3 companies the average spend per order is between £20-23 in January.

However, looking more broadly across health and wellbeing retail we can see that spend at retailers like Boots, Superdrug and Holland and Barrett’s have decreased in both transactions and order value since December. This could be due to a spike in shopping pre-Christmas that is returning to normal levels in January. In particular Boots and Superdrug, known for their beauty gift sets at Christmas, saw at least a 40% decline in transactions in the new year.

A similar story is seen at top sportswear retailers such as Sports Direct, JD Sports, Nike and Adidas where, despite the UK’s health kick, both number of transactions and order value have dropped across all these retailers between December and January.

Cheddar’s data has the ability to identify broad retail trends month to month as well as short-term impacts at individual retailers in the UK. Over 20,000 consumers now connect their bank accounts to the app, providing third-party consent to real-time data on consumer spend. With the app rapidly gaining new users daily, these retail and consumer insights are only set to grow.

 

Tariq Zahid, CEO & Co-founder at Cheddar says:

“At Cheddar, we understand the value of spend data like ours and it’s always so interesting to dive deeper into those figures around key commercial or seasonal events – the new year being a big one for retail. We all know by now that the ‘New year, New me’ statements are everywhere in January, but we wanted to see if Brits are still putting their money where their mouth is when it comes to making healthier changes – particularly during a cost of living crisis.

Not only does our consumer spend data confirm that health foods are where Brits are choosing to invest in the new year, it shows that takeaway food spend has dropped off slightly too alongside that. Healthy eating wins out this January!”

 

Business, Cost of Living Crisis, News

Cost-of-living not considered a key stressor for employees by business owners, research reveals

A new study finds that most UK business owners are out of touch with the causes of stress for their staff:

  • 96% of business owners surveyed think ensuring employee pay reflects inflation amid the cost-of-living crisis is not a main cause of stress for their employees.
  • 3% will take the cost-of-living increase into consideration in their employee’s pay reviews.
  • 66% would consider paying a fair salary to suit inflation, being mindful of expenses to support financial wellbeing.

 

A study released by the UK’s leading speaking bureau, Speakers’ Corner, today found that most UK business leaders fail to understand the stressors their staff face. The study canvassed the nation-wide view of 500 business owners and/or directors with at least 20% equity, for companies with at least 100 employees, on current work force trends. The research revealed that while leaders are not recognising the impact of the cost of living/soaring inflation on their staff’s stress levels, this is not down to apathy.

The data released today illustrates that businesses are aware of employee stress and interested in making changes that will aim to evade stressors but are misinformed about the causes of stress among their staff. As 92% of respondents feel they currently provide support for their employees’ wellbeing, recent research contrarily found that 16% of employees are having to consider a second job to make it through 2023, with the current cost of living.

According to business owners surveyed, the top 5 main causes of stress for their employees are:

  • Heavy workload (26%),
  • Long hours (24%),
  • Tight deadlines (22%),
  • Job security (21%) and
  • Changes to job role (20%).

This, amid the soaring inflation and cost-of-living crisis facing the UK workforce, reveals that leaders believe the stressors for their employees are directly aligned with their own stressors, listed as:

  • Heavy workload (26%)
  • Long hours (21%)
  • Tight deadlines (25%)
  • Job security (21%)
  • Changes to job role (22%)

So, it becomes clear that this lack of effective support felt by employees is not a lack of willingness or compassion from leaders in relation to workplace stress, but of misunderstanding the needs of staff; and with over half respondents (56%) agreeing that their business has been open to grant pay rises to employees who are no longer financially secure after the cost-of-living increases, one of miscommunication.

Nick Gold, Managing Director of Speakers’ Corner comments: “The research shows a chasm between employers and employees. With the cost-of-living at the top of the news agenda and the rising mortgages announced this week, all of us are facing difficult times and what is needed is a better flow of communication. Because the other side of this is that the business owners themselves face work stress, only for the reasons listed above and not for the same reasons as their employees.

“In the face of recession and the knock-on effect it will have for the British economy and productivity, business owners themselves face challenges- including understanding and motivating their teams. This can be difficult as there is a split in perspective; while employers are focussing on ensuring the business survives through the recession over the next few years, their employees struggle with the day-to-day impacts of inflation and rising cost-of living.

“It is arguably the assumption that employees stress about the same things as business owners that has caused this disconnect. But what seems to be missed here is that understanding your team and their needs can lead to a happier and more productive team, which in turn will relieve stress for those in charge.”

Ultimately, the data revealed that just 3% of respondents will take the cost-of-living increase into consideration in their employee’s pay reviews. However, 62% of those who wouldn’t, would not do so because of the time needed to implement and not because they do not think it is necessary. And almost contrarily, 66% of respondents would consider paying a fair salary to suit inflation. This means the issue is not a question of leaders being apathetic to their employees’ needs, but a misunderstanding of what is needed.

Cost of Living Crisis, HR, HR News, Wellbeing, Wellbeing at Work

Research Reveals Employees with a Second Income Stream Increases People Risk for Employers

Partners& research reveals increased numbers of employees seeking a second income, higher risks for employers, and 2023 pay review and employment expectations.

A survey undertaken by risk management and insurance intermediary Partners& has highlighted that the economic downturn is forcing many more workers to seek second (and even third) income streams away from their primary employer.

Partners& asked* 169 senior HR, Finance, and C-suite professionals – representing a combined workforce of almost 189,000 employees – if they had seen an increase in employees seeking additional income streams outside of their main employment.  More than 1 in 3 employers (36%) are either aware (17%) or suspect (19%) that their employees are now undertaking a second job in response to the cost-of-living crisis.

Only a third of employers (31%) had seen no change from previous years, with 8% indicating that their contracts of employment specifically exclude employees from working concurrently for another employer.

 

Steve Herbert, Wellbeing and Benefits Director at Partners&, commented:

“With many working families being exposed to unprecedented cost pressures, it is no particular surprise to find that some employees are seeking a second or even third job to help make ends meet.  Whilst that is entirely understandable, it nevertheless exposes the primary employer to potentially greater people risks.”

 

Employers overwhelmingly (85%) believe that there is more risk for the primary employer when employees are also working in another job.  Only 9% of employers felt there were no extra risks to their organisation.

Partners& suggests that an employee juggling two or more jobs is perhaps more likely to be distracted, tired, or burnt out.  The possibility of increased absence from their primary employment should also be considered.

Other risks include employees utilising their primary employer’s equipment and facilities whilst working in a second job, reputational risks, or even conflicts of interest between the two employments.

 

Partners& highlights that many employees are seeking additional remuneration opportunities as their main employment pay is not keeping pace with inflation.  The survey revealed that fewer than 1 in 3 employers (32%) are expecting to follow their usual pay awards process in 2023.  The same number expect economic conditions to reduce pay awards this year, with 16% only able to offer awards on a case-by-case basis, and 8% unable to offer awards for all employees.

A more positive finding from the research is that more than half of employers (55%) expected their workforce numbers to be higher in 2023 than last year, with just 11% expecting employee numbers to contract in the next twelve months.

 

Herbert concluded:

“These are economically tough times for the United Kingdom, and employers will be doing all they can to continue trading profitably whilst also supporting their workforce.

 We would certainly encourage employers to utilise all the – often hidden – tools available within their employee benefits package to support employees.  We would also suggest that the addition of a low-cost financial wellbeing support package could make a tangible difference to employees throughout this difficult period and beyond.”

 

Please visit the Partners& website to learn more about their full range of Wellbeing and Employee Benefits services, and their Financial Wellbeing pages for details of the impact of financial stress on employees, and our services in this area.

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*The Research was undertaken at the Partners& Employment Webinar on 30 November 2022 amongst an audience of 169 senior Human Resources (HR), Finance, Payroll, and C-suite attendees representing a combined workforce of almost 189,000 employees.  The employers represented in the survey arose from a range of Private, Public, and Third Sector employers.

 

About Partners&

Partners& is a Chartered insurance broker providing specialist insurance, employee benefits, risk management and claims advice to businesses and private clients. As a next generation insurance advisory business, Partners& combines the best traditions of broking, such as technical advice and client service, with modern thinking and intelligent use of technology, to enhance the client experience and create a dynamic workplace for its talented team. The company recently received two awards, Best Diversity & Inclusion Programme and Best UK Start Up at the 2021 UK Broker Awards.  It has also been awarded its second gold Investor in Customers award demonstrating its commitment to delivering exceptional client experience.

Cost of Living Crisis, Financial Wellbeing, HR, HR News, News

“Almost all” employers now expect their workers to experience financial difficulties in 2023

Recent research* undertaken by Partners& finds that increased fuel poverty, rising mortgage costs, and continued high inflation will intensify financial challenges for employees and their employers next year.

A survey of 169 senior HR, Finance, and C-suite professionals – representing a combined workforce of almost 189,000 employees – confirms that 2023 looks set to be a financially gloomy one for employees.

The research was undertaken by risk management and insurance intermediary Partners& on 30 November 2022, and reveals that 9 in every 10 employers (90%) expect at least some of their workers to be in fuel poverty when the next increase in domestic fuel prices takes hold.

 

Steve Herbert, Wellbeing and Benefits Director at Partners&, explained:

“The Chancellor, Jeremy Hunt, has announced that the Energy Price Guarantee will increase from its current typical level of £2,500 per annum to £3,000 per annum from April 2023. 

One widely accepted definition of fuel poverty is any household spending more than 10% of its income on energy usage.  So, in simplified terms, any family earning less than £30,000 per annum in 2023 could soon fall into fuel poverty. 

Our survey suggests that 59% of organisations employ at least some workers on salaries of less than £30,000, with a further 1 in 4 (24%) employers paying “most” of their workforce less than this level.  A small number of respondents (7%) indicated that nearly all of their employees are earning less than £30,000.

 

But employee financial problems in 2023 don’t stop there.  The same research by Partners& found that the growth in interest rates – and, in particular, its impact on debt and mortgage repayments – is now becoming a very real problem for workers too.  Inflation and the cost-of-living crisis (31%) is however expected to remain the single biggest financial challenge for employees in 2023, yet almost two thirds (62%) of employers suggest that the combined impact of both soaring inflation and high interest rates pose the biggest issue for workers, and 6% now consider rising interest rates as the single biggest financial challenge for their employees and their household finances next year.

 

Herbert continued:

“The Bank of England’s base rate for borrowing has been at record lows for much of the last decade, and as a result house prices and mortgage borrowing have boomed during that period.  With such high levels of debt even relatively small rate increases are causing real pain to many working families with mortgages, particularly as inflation and other household costs also remain high.”

 

Other survey findings show that almost all (97%) employers now expect the numbers of their employees experiencing financial difficulties to increase in 2023, and that more than two thirds of employers (67%) were actively aware of employees already struggling with their personal finances.

Partners& highlights that financially distracted or distressed employees are likely to be less engaged and productive than those without money worries, which makes this issue a genuine concern for employers seeking to navigate their way safely through the recession ahead.

 

Herbert concluded:

“It’s clear that employers expect 2023 to be a financially challenging one for many or most of their employees.  Some organisations remain financially strong, and these employers may be able to reward their workers with healthy – possibly even inflation matching – pay awards or one-off cost-of-living payments.  Yet many others will struggle to make such payments during a potentially lengthy recession, and will need to find other ways to support their workers.

 Partners& would strongly encourage all employers to offer financial wellbeing support to their workforce, to help employees better manage their finances throughout this difficult period and beyond.”

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Please visit the Partners& website for our full range of Wellbeing and Employee Benefits services, and our Financial Wellbeing pages for details of the impact on financial stress on employees, and our services in this area.

*The Research was undertaken at the Partners& Employment Webinar on the 30th November 2022 amongst an audience of 169 senior Human Resources (HR), Finance, Payroll, and C-suite attendees representing a combined workforce of almost 189,000 employees.  The employers represented in the survey arose from a range of Private, Public, and Third Sector employers.

About Partners&

Partners& is a Chartered insurance broker providing specialist insurance, employee benefits, risk management and claims advice to businesses and private clients. As a next generation insurance advisory business, Partners& combines the best traditions of broking, such as technical advice and client service, with modern thinking and intelligent use of technology, to enhance the client experience and create a dynamic workplace for its talented team. The company recently received two awards, Best Diversity & Inclusion Programme and Best UK Start Up at the 2021 UK Broker Awards.  It has also been awarded its second gold Investor in Customers award demonstrating its commitment to delivering exceptional client experience.

 

For more information, contact Malia Brown at malia.brown@partnersand.com or visit www.partnersand.com

Cost of Living Crisis, Finance and Banking, Financial Wellbeing, Fintech, News

UK gig workers face financial exclusion when accessing loans and mortgages

New research finds that 76% of UK gig workers have struggled to gain approval to access financial products such as a loan or mortgage.

  • Just over 7 in 10 of gig workers* surveyed have been denied a loan, despite having a good credit score.
  • On average, gig workers surveyed have had to apply to three different lenders before receiving access to a credit card or loan.
  • Over half (52%) of gig workers surveyed have lost out on a new home due to being declined by a bank or building society, despite knowing they have affordability.

Rollee, a fintech start-up providing secure and consented access to income data, today reveals that over three quarters of UK gig workers surveyed struggle to gain approval from financial institutions to access financial products such as a loan or mortgage. The findings in The Hidden Cost of Gig Worker Living report from Rollee, also reveals that just over 7 in 10 (74%) UK gig workers have been denied access to basic financial products such as a loan, despite having a good credit score.

Of 1002 gig workers surveyed, over a half (60%) of gig workers have had to apply to three or more different lenders before receiving access to a credit card or loan. 10% were successful when applying to their first lender.

There are 4.4 million people working for gig economy platforms at least once a week in the UK today who contribute £20bn to the UK economy.

The hidden cost of gig worker living

The report highlights that the struggle to access financial products is having an impact on the lives of gig workers across the UK. In fact, over half (52%) of gig workers surveyed have lost out on a new home due to being declined by a bank or building society, despite knowing they have affordability.

Gig workers surveyed also expressed the struggles they experienced when accessing financial services such as loans, or credit cards. Almost a third (32%) say it has placed stress on them and their families. Others report it has caused them financial hardship (29%), has prevented them from accessing housing (20%) and impacted the opportunities available to them in life (29%).

Looking ahead, 80% of gig workers surveyed feel concerned that the current-economic climate will impact their ability to be approved for a loan and to help with the cost of living throughout winter and the Christmas period, 25% will apply for a loan over the next couple of months.

Ali Hamriti, CEO and Co-founder at Rollee comments: “This research reveals the level of financial exclusion gig workers are facing. The struggle gig workers experience is not because they can’t afford a loan or mortgage, but because the current credit scoring systems of financial institutions are not set up to verify their multiple records of income and employment data. And with financial institutions under increasing pressure this results in workers being denied access to products they should be entitled to.”

“Self-employed workers need a fair chance to be able to prove their solvency to financial institutions. As the number of independent workers continues to rise, it is vital that financial organisations find new ways to gain full visibility of self-employed workers’ employment data to assess them fairly, and ensure they are not excluded from financial products just because of their working status.”

Rollee helps financial institutions to make fair and accurate decisions when applying for financial services. In the UK, Rollee is working with lenders, insurances, accountants and PCO fleet managers to provide them with a gateway to gain easy, reliable and fast access to income and employment data.

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About the survey

This survey was commissioned by Rollee and conducted by Opinion Matters, among a sample of 1002 gig workers in the UK working in at least 1 self-employed job, or platform job. Fieldwork was carried out between 7th November – 14th November 2022. Opinion Matters abides by and employs members of the Market Research Society which is based on the ESOMAR principles.

About Rollee

Rollee is the first API platform in Europe enabling financial institutions to have easy, reliable and fast access to income and employment data. Rollee’s mission is to build the gateway to access employment data to enable financial institutions to make fair and accurate decisions when providing financial services. Visit www.getrollee.com for more info.

 

*Respondents who have applied for financial products since being a gig worker