London, UK - Nearly half (49%) of UK consumers are dipping into their savings to cover rising household expenses and unexpected costs, the highest amount for over a decade. A further quarter (27%) say they will need to access more credit this year to cover continued rising costs – opening additional credit cards or using BNPL. The research from RFI Global, the only global data and insights company focusing exclusively on financial services, suggests that financial pressures in the UK are reaching a breaking point.
RFI Global’s UK banking research surveyed 4000 consumers aged 18 years and above during December and January 2025 about evolving financial product holdings, behaviours and preferences.
More than one in 10 consumers (12%) are using BNPL to cover the cost of living and one in three (33%) combine BNPL use with credit cards. Worryingly, 65% of people who rely on BNPL to pay for products and services think they will need to access more credit in...
