HCSTC borrowers tend to reside in rented properties or with parents

HCSTC borrowers tend to reside in rented properties or with parents

HCSTC borrowers are less inclined to be managing money that is confident

Figure 7 shows 61% of customers with a loan that is payday 41% of borrowers with a short-term instalment loan have actually low self- confidence in handling their funds, weighed against 24% of all of the British grownups. In addition, 56% of customers with a pay day loan and 48% of borrowers by having a short-term instalment loan ranked by themselves as having lower levels of real information about economic issues. These equate to 46% of most British grownups reporting comparable quantities of information about monetary things.

Note: participants with ‘Low Levels’ are the ones scoring from 0 to 6, for a scale of 0 to 10 where 0 is ‘not after all confident’ or ‘not after all knowledgeable’, and 10 is ‘completely confident’ or ‘very knowledgeable’.

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