Here's a look at the core data points comparing financial services payment practices in 2023 and 2024:
The overall improvement in payment practices, reflected by a 1.4-point increase, suggests a slight positive trend in the financial services sector's approach to timely payments; it's an improvement, but a modest one. With the increase in the number of companies surveyed, it could be argued that this improvement in payment practice scores is even more meaningful, indicating a broader positive shift across the sector, even if marginal. Understanding the impact of late payments on cashflow is crucial; use this late payment calculator.
In 2024, 527 financial services companies averaged a payment practice score of 85.2, compared to 83.7 for 500 companies in 2023.