How data analysis is key to understanding rising living costs (Colin Grieves) PlatoBlockchain Data Intelligence. Vertical Search. Ai.

How data analysis is key to understanding rising living costs (Colin Grieves)

The ability to analyse and use the relevant data, in the right way, and in real time, is the key to harnessing the true value that data holds. Data analysis can play a crucial role in helping us respond to long-standing and emerging challenges – providing
valuable new insight and helping deliver better outcomes. Data helps many businesses and organisations to understand issues at hand – and the cost-of-living crisis is no exception.

Over the last year, the rising cost of living has caused concern in a significant number of households across the UK – with an estimated 15 million of UK adults saying they worry about money every day. As living costs and energy bills continue to rise, household
budgets are under huge strain with many individuals struggling to make ends meet.

New data-led research from Experian and Money Advice Trust shows that 29% of UK adults are worrying about their financial situation on a day-to-day basis, while 15% say they are regularly losing sleep due to the rising cost of living. With the building pressure
on our UK consumers, it’s extremely important that we continue to create awareness and visibility of support organisations such as the Money Advice Trust who can provide the necessary support.

Experian’s analysis, which used financial behaviour and geo-demographic modelling, shows that the three most common groups seeking help share some of the same characteristics – households with limited disposable income and savings, many of which are in full-time
employment – but the challenges are impacting all age groups at different life stages.

Research found that 39% callers to National Debtline, the free debt advice service, wait a year or more before seeking advice about their debts and more than 28% wait two years or more. By harnessing the power of data and analytics, this study provides a
deeper understanding about a long-standing societal challenge we are facing. Now more than ever, it’s critical that people who find themselves in financial difficulty feel comfortable enough to reach out and seek any advice – avoiding any further worry and
issues such as damage to their credit score.

By continuing to develop a deeper understanding of who is, and who isn’t seeking help, Money Advice Trust can now adapt and modify its outreach and support accordingly – helping more families and people get the advice and support they need in what is a difficult
time for many.

This initiative is another good example of how data-led analysis can help tackle significant societal issues. The cost-of-living crisis is undoubtedly a challenge which will stretch the resources of support organisations like National Debtline. However,
by developing a deeper understanding of the issue through the power of data, it’s possible to target support to those who need the most help.

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