About Hodge
The News Front has published 6 press releases from Hodge, most recently on 4 September 2023.
For more than 50 years we’ve been making a difference to the lives of our customers, helping them achieve their hopes and dreams.
Latest news
Latest release4 September 2023
Hodge Has Conducted Research Into The Cost Of Living Crisis And Found Emergency Fund Savings Are On The Rise
Cardiff, United Kingdom – To try and provide its customers help with cost of living, Hodge, a savings, mortgages, and commercial lending bank, has conducted comprehensive research into the cost of living crisis and found that emergency fund savings are on the rise. The research completed by the bank delves into people’s spending habits during…
Read the full release →31 Aug 2023
Hodge Creates Cost Of Living Hub To Provide Information And Support To Those Affected By The Cost Of Living Crisis
Cardiff, United Kingdom – Hodge, a UK bank established in 1965 is offering a range of saving accounts and mortgages, is excited…
10 Jul 2023
Hodge Study Reveals the True Effects of the Cost of Living Crisis in the UK
Cardiff, United Kingdom - Hodge has published a report that analysed the ways the cost of living crisis is affecting people across the…
5 Jul 2023
Hodge Launches Online Resource To Help People Understand The Cost Of Living Crisis And How, As A Society, We Can Navigate It
Cardiff, United Kingdom – Hodge is proud to share its online resource providing people with essential information on the current cost of…
1 Jun 2023
Hodge Releases Cost Of Living Report To Show Impact On The Everyday Lives Of British People
Cardiff, United Kingdom – Hodge has released a report which takes a deep dive into the cost of living crisis and how…
31 May 2023
Hodge Publishes New Report About Saving in the Cost of Living Crisis
Cardiff, United Kingdom – Hodge published an extensive report about saving in the cost of living crisis. The research analyses people’s spending…
Common questions about Hodge
What is the Cost of Living Crisis?
The cost of living crisis is when everyday essentials like groceries, energy, and fuel increase in price quicker than the average household income is increasing. Hodge reports that the UK saw a sharp increase in inflation in 2021 and 2022 post-pandemic before reaching a peak of 11.1% in October 2022. The bank found that more than half of people are saving with the cost of living in mind, while 83% are worried about the cost of living crisis.
How have Spending Habits Changed?
According to Hodge's most recent research, the cost of living crisis has had a major impact on both spending and saving habits. A massive 75% of people said they thought they'd be putting away less this year than last year, and more than half have had to dip into savings for everyday expenses, whereas dining out, luxury goods and grocery shopping have seen the biggest cuts on spending overall. December has always been a big month for retailers, drawing in shoppers to boost sales. However, Hodge found that cost-conscious consumers were curbing spending over the Christmas period. A third were worried about going into debt over Christmas, and only 17% were willing to take out a loan or become overdrawn to get through it. Additionally, the bank found that people are consistently saving for an emergency fund, with 54% of participants creating an emergency cost of living savings pot compared to 58% a year ago. On the whole, 58% of people were concerned about rising interest rates and subsequent loan repayments, and 58% planned to move their savings to get the best return.
Who is Impacted by the Cost of Living Crisis?
No one is immune to the rising cost of living, but Hodge found age, gender, and income play a significant part in how people are saving and how worried they are about their finances.