Experian and Credit Strategy launch Credit Awareness Week 2023

Rhea-AI Summary

Experian has announced the return of Credit Awareness Week, now in its seventh year, aimed at enhancing understanding of credit among consumers. Since its inception in 2017, the initiative has reached millions in the UK.

This year's campaign features new educational content and partnerships with TikTok influencers, targeting nearly 400,000 consumers during a time of financial strain due to rising living costs. Experian's analysis reveals a 10% decline in household discretionary spending and shows that 61% of consumers feel the cost-of-living crisis has negatively impacted their finances. The company remains dedicated to financial education to help improve financial health.

Positive

• The campaign has successfully reached millions of consumers since its launch in 2017.
• Partnership with TikTok influencers aims to educate nearly 400,000 consumers about financial management.

Negative

• Household discretionary spending power has reduced by 10%.
• 61% of consumers report significant negative impacts on finances due to the cost-of-living crisis.

• Annual campaign aims to promote awareness and understanding of credit, including dispelling common credit scoring myths
• Millions of people reached since 2017

 

LONDON--(BUSINESS WIRE)-- Experian has today announced the return of Credit Awareness Week in partnership with financial services publication, Credit Strategy.

Now in its seventh year, the campaign aims to help improve people’s understanding about how credit information works, and dispel common myths and misconceptions around credit scores and reports. Since its original launch in 2017, the campaign has reached millions of consumers in the UK.

To mark this year’s Credit Awareness Week, Experian has created some exciting new educational content that aims to improve public awareness and understanding of the credit system.

This includes collaborations with several TikTok influencers which is expected to reach nearly 400,000 consumers with valuable tips and guidance to help them manage their money with confidence.

This year’s event is especially significant, as people struggle financially against a backdrop of rising inflation and the strain of rising living costs. Experian analysis has shown that household discretionary spending power has reduced by 10% and 61% of consumers acknowledge that cost-of-living crisis is having a significant impact on their finances.

Jose Luiz Rossi, Managing Director UK&I at Experian, said: “It’s no secret that there’s a significant squeeze on people’s spending, with consumers being forced into managing their money carefully. Although the UK has a very well-educated population, there are still a lot of people who lack confidence when it comes to managing their finances. Understanding credit is a key part of that.

“Through Experian’s ongoing financial education work, including our seventh year of supporting the Credit Awareness Week campaign, we remain committed to helping more people improve their financial health.”

Credit Awareness Week is the latest in a series of financial education campaigns launched by Experian to help consumers, and businesses, through recent economic uncertainty.

In 2022, as part of its United For Financial Health initiative, the UK business teamed up with the influential voices of Young Money blogger, Iona Bain, and celebrity footballer Bayo Akinfenwa promoting credit education and helping young people take control of their financial health. The campaign reached over 1 million 18–25-year-olds and over 3 million people in total.

In addition, Experian’s #EaseTheSqueeze campaign has been helping people manage their financial health better, with tips and guidance about how people can take control of their finances. So far, it’s reached 8.5 million people in the UK.

Find out more about Credit Awareness Week here.

Note to editor:

[1] Experian analysis conducted via Experian Mosaic: A third of households to demonstrate financial resilience in 2023
[2] Consumer survey taken from Experian’s ‘The Rising Cost of Living and The Consumer’ report.

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

We have 21,700 people operating across 30 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230312005001/en/

Joe Green

Senior PR Manager, Corporate & Business, at Experian UK&I

Tel: 07812 737 768 / Email : joseph.green@experian.com

Source: Experian

FAQ

What is the goal of Experian's Credit Awareness Week campaign in 2023?

The goal is to improve understanding of credit among consumers and dispel common myths around credit scores.

How many consumers has Experian reached through its Credit Awareness Week campaign since 2017?

Experian has reached millions of consumers in the UK since the campaign began in 2017.

What new content does Experian offer during Credit Awareness Week 2023?

Experian has created new educational content and partnered with TikTok influencers to share financial tips.

What financial challenges are highlighted in Experian's 2023 Credit Awareness Week announcement?

Experian's analysis noted a 10% reduction in household discretionary spending, with 61% of consumers affected by the cost-of-living crisis.

What initiatives does Experian have in place to support financial education?

Experian supports multiple initiatives, including Credit Awareness Week and the #EaseTheSqueeze campaign, aimed at improving financial health.