In recent years, the cost of living has been steadily increasing, leading to a growing demand for cost-effective solutions for everyday needs. This has resulted in an increase in the number of people searching for brokers to help them find the best deals on items such as mortgages, insurance, and other financial products. A recent analysis by Knowledge Bank has revealed that this trend is likely to continue in the near future.
The analysis found that the cost of living has been rising steadily since the start of 2021, with the average cost of living increasing by 3.5% in the first quarter of 2021. This is a significant increase compared to the 1.3% increase in 2020. The analysis also found that the cost of housing has risen by 5.3% in 2021, which is higher than the 3.2% increase in 2020.
The analysis also revealed that the number of people searching for brokers has increased significantly in 2021. The number of searches for brokers on Knowledge Bank’s platform increased by 17% in the first quarter of 2021 compared to the same period in 2020. This is a significant increase compared to the 4% increase in 2020.
The analysis also found that the average number of searches per user has increased by 11% in 2021 compared to 2020. This suggests that people are becoming more aware of the importance of finding a broker who can help them find the best deals on financial products.
The analysis also revealed that the majority of people searching for brokers are looking for help with mortgages and insurance. This is likely due to the fact that these are two of the most expensive items in a household budget and require careful consideration when making a purchase.
Overall, the analysis by Knowledge Bank suggests that rising living costs are leading to an increase in searches for brokers. This is likely due to people becoming more aware of the importance of finding a broker who can help them find the best deals on financial products. As such, it is important for people to be aware of this trend and take steps to ensure they are getting the best deal possible when it comes to their finances.