Standard Life Foundation commissioned the University of Bristol to conduct a rapid evidence review to understand people’s borrowing behaviour and how it impacts their financial wellbeing. Key findings included:

  • Income strongly influences borrowing behaviour.
  • Owning assets has some relation to borrowing behaviour.
  • Psychological factors shape borrowing behaviour, but not as much as sociodemographics.
  • Macro-economic conditions play a major role in shaping people’s financial situations, their access to borrowing and the cost of borrowing.
  • Lower financial literacy is linked to poor borrowing behaviours and over-indebtedness.

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