Determining how Welsh consumers are managing their finances and coping with debt

image







Why the client needed the research
Consumer Focus Wales wished to gather information on changing attitudes towards financial issues such as budgeting, borrowing and debt amongst the Welsh population, with a specific emphasis on older people. The research was designed to determine consumers’ levels of debt, their ability to meet payments, trigger points for debt and the impact that budgeting problems can have on quality of life and social exclusion.

image Our approach
We used a two-stage quantitative and qualitative methodology.

The first stage of the research involved an in-home survey with a representative sample of residents living in Wales. We included a self-completion element within the interview when discussing the sensitive issue of debt, used CRB checked interviewers who carried photo-identification, and informed local police about the project.

The second, qualitative stage of the project took the form of telephone depth interviews conducted with participants of the in-home survey who had agreed to be re-contacted. This stage focussed on people aged over 50, specifically looking at those living with debt, struggling financially and who had borrowed from doorstep lenders.

The outcome
We provided Consumer Focus Wales with valuable data on consumer finances in Wales to enable the organisation to formulate and develop effective intervention strategies, designed to help prevent people from getting into financial difficulties through identifying the ‘trigger points’ that lead people into debt.

What the client said
“The whole design of the project was very well thought out and implemented. I think that helped considerably in the quality of the results, which were excellent.”