Building Financial Resilience: Insights from our latest survey
In October 2023, we launched our fifth annual Financial Resilience Survey to better understand the financial wellbeing of our members—the challenges they face and how these can impact their lives.
Financial resilience is all about how prepared you are to handle life’s unexpected events that might affect your income or savings. This applies to both your personal finances and your family’s.
This year, 4,293 members across the markets we serve shared their experiences with us. Here are some of the key insights we gathered:
- Only 61% of respondents feel they could manage financially if faced with challenges like a relationship breakdown, unemployment, or illness.
- 66% said rising interest rates have negatively affected their financial situation.
- 15% had used payday loans before joining Serve and Protect, where they found an ethical, affordable alternative to high-interest credit.
- 21% shared that worries about their finances have caused them to lose sleep at least once a week.
- 29% said their biggest concern about existing debt is their credit card.
These findings highlight just how important financial resilience is and how it’s being tested in today’s environment, especially with the rising cost of living.
We hope this report provides valuable insights to our stakeholders, helping everyone better understand the challenges faced by the Serve and Protect community. Together, we can work towards strengthening financial resilience and supporting one another through life’s ups and downs.
