Business
Encore Capital Group Announces Findings of its Second Economic Freedom Study
Survey of 3,000 U.K. and U.S. Adults Explores Changing Perspectives on Personal Finances and the Economy, Impacts of High Inflation Rates and Past-Due Debt,
About this update from Encore Capital Group Inc
[{"type":"text","content":"Survey of 3,000 U.K. and U.S. Adults Explores Changing Perspectives on Personal Finances and the Economy, Impacts of High Inflation Rates and Past-Due Debt, and Pathways to Economic FreedomSAN DIEGO and LONDON, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (Encore) (Nasdaq: ECPG), an international specialty finance company, today announced the findings of its second Economic Freedom Study. This new study asked 3,000 people in Encore’s largest markets, the United Kingdom and United States, their feelings about personal finances and the economy, as well as the impact of inflation on spending and debt. In keeping with Encore’s Mission, it also asked people how they prioritize economic freedom, and what they believe are the most valuable tools to achieve it. The research was commissioned by Encore and conducted by Morning Consult. A detailed report of the findings is available on Encore’s website. Key highlights from the study include: Fewer adults in the U.K. and the U.S. believe they’re better off financially than they were the year before compared to the 2021 Encore Economic Freedom Study. Most adults don’t believe they’re in a better financial state compared to the previous year, and less than half of respondents report feeling comfortable with their current financial state.Inflation had a major impact on personal spending for more than 90% of surveyed adults. Consumers report spending more on groceries, gas/utilities and housing in both the U.K. and the U.S. Just 14% of U.K. adults and 17% of U.S. adults reported an increase in how much they contributed to their savings in 2022.U.K. adults demonstrated a significant decrease in their confidence in the future of the economy, and they are less likely to have a positive outlook on their economic future compared to U.S. adults. However, respondents tended to have a more positive outlook on the future of their own personal finances (47% U.K., 61% U.S.) as opposed to the overall economy (17% U.K., 39% U.S.).Forty-three percent of U.K. adults and 35% of Americans report having past-due debt, and adults in both countries are more likely to be accumulating, rather than reducing, past-due debts. Fewer U.K. adults (52%) than their American counterparts (59%) are confident in their ability to pay down debt in the coming year, but they’re aligned on how to tackle their debt –...