Financial Wellness for the Inflation Era
Published 22 May 2023
Charlotte Rickards
Amidst inflation, people with reasonable means are seeking financial services, products and budgeting strategies that nudge fiscally responsible actions – and allow them to treat themselves in the process. Across discretionary spending, day-to-day budgeting, saving goals and socialised finances, we explore the consumer habits ushering in the next chapter of financial wellness.
Spending, Strategised
Maximising Money Management
Supporting Financial Milestones
Socialised Budgeting
People are stretching their finances to cover essential costs – see Consumers & Inflation: Rethinking Budgets and Key Stats – but, for those with reasonable means, discretionary spending hasn’t disappeared. Some are microdosing their splurges (think charity shop hauls or fancy chocolates), though buy-now, pay-later (BNPL) schemes also appeal as individuals’ desires outpace budgets.
People are stretching their finances to cover essential costs – see Consumers & Inflation: Rethinking Budgets and Key Stats – but, for those with reasonable means, discretionary spending hasn’t disappeared. Some are microdosing their splurges (think charity shop hauls or fancy chocolates), though buy-now, pay-later (BNPL) schemes also appeal as individuals’ desires outpace budgets.
With 47% of Germans, 48% of Italians and 52% of French citizens struggling to cover essential expenses (YouGov, 2022), consumers are adjusting their money management strategies. FinTok’s – financial TikTok – get-rich-quick messaging (see Money Meets Media) is receding in favour of products and services that promise a slow and steady approach to everyday financial health.
Consumers want to advance their homeownership, education and family dreams – but these ambitions don’t fit the formulas established by current financial products. Emerging brands and services enable the modernised priorities we unpack across our New Ways of Living Macro Trend by breaking hefty goals into bite-sized steps.
Money-talk taboos are crumbling as youngsters openly discuss their salaries, spending struggles and financial goals. Smart services embed this desire for interpersonal connection into their fabric, helping people stay accountable with features that weave socialising into the money management process.
Financial Wellness for the Inflation Era
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