As the finance industry continues to evolve rapidly, one of the critical aspects that demands our attention is the role of affordability. Affordability is essential for fostering financial inclusion, economic stability, consumer protection, innovation, and social equity.
Why? Put simply it ensures that people can manage new financial commitments without undue strain.
However, we are finding some sections of society are struggling to access mainstream finance due to strict benchmarks set out in affordability assessments. In fact, our marketplace data shows around 40% of consumers are no longer receiving offers when they are looking for or needing financial assistance.
Addressing this issue is crucial and one area that…
