The building society will join retailers such as Asda and consumer groups like Citizen’s Advice to pool research which will be published to spark national debate, provide insight and share knowledge.

One of the main issues being explored by the UK Consumer Insight Panel, which will meet quarterly, will be the ‘Future of Home’ which will look at how lockdowns and remote working have created a shift in focus on the type of housing people require.

Research has highlighted the need for affordable, good homes for both renters and buyers with sustainability becoming increasingly important.

But, equally, younger generations have raised concerns about their ability to pay rent and the shift in rental demands have created severe problems for landlords, with around 30% planning to sell next year.

Other areas the panel will look at are

• Work– how and where we do our jobs
• Community– how we interact with the world and each other
• Financial Wellbeing– how we support ourselves and others in times of need

Nationwide, as part of its contribution, has commissioned Ipsos MORI to explore these themes this year, with reports being published throughout 2021.

The insight will help Nationwide determine how it can best use its position as a member-owned organisation to support the nation and help guide the direction of the panel.

Today Nationwide has set out its ambition by launching a report which provides an overview of these four areas, exploring the challenges the UK faces today and how it might look tomorrow. Initial findings highlight some clear issues.

The report establishes what people are looking for in their homes of the future – from more space to becoming greener; a vastly changed workplace opening up opportunity; an increased need for financial and mental wellbeing; a desire for a greater sense of community and a lack of financial resilience across households and businesses.

Rebuild for the future

Joe Garner, CEO of Nationwide Building Society, said: “The pandemic is very much a human crisis. While the near-term outlook has recently darkened, we cannot wait until the pandemic has fully passed before considering how we can rebuild for the future.

“There is a chance for a regeneration of society that builds on what we have learned in 2020 – from the way we have supported one another to the way we work. We believe we can show that it’s possible for communities and businesses to support one another to deliver real change.

“We are joining some of the UK’s biggest brands and consumer groups in building a comprehensive picture of where we are today and where we can get to tomorrow.

“As a building society founded on the principle of cooperation, we believe that this is a time when it is important that we act together.

“We call on leaders across business, government and civil society to join us for the mutual benefit of our communities at a time they most need us. We believe that lasting change can only ever be created through consensus and collaboration.”