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Financial Confidence Plummets Among Britons

Financial Confidence Plummets Among Britons FINANCIAL confidence has fallen sharply across Britain, according to market research organisation GfK NOP.

The firm said that its latest consumer confidence index - which tracks Britons' thoughts and feelings about the economic situation - revealed a five per cent fall in financial optimism in the UK to -24, the lowest figure recorded since late 1992.

Compared to the same time last year, the overall level of financial confidence had fallen by 18 per cent, across all five of the measures used by GfK NOP to compile the index.

The section of the index reflecting Britons’ confidence in their own finances dropped by four per cent to -8, the lowest recorded level for 11 years. Furthermore, consumers' optimism about their financial situation over the forthcoming year have plunged by four per cent to zero.

The measure of whether Britons feel confident about making significant purchases fell by three per cent to -24 , a 30 per cent drop since 2007 and the lowest recorded figure since late 1990.

And the index which gauges public confidence in Britain's overall economy plummeted to -53 alongside a six per cent fall in optimism about the next 12 months to -38.

Such a gloomy outlook among consumers reflects the increasing struggle to juggle their finances among many Britons - although the picture is not completely negative.

GfK NOP's savings index found that the economic situation is leading many people to pay serious thought to saving money for later life. The index, which assesses whether people feel confident about saving rose by three per cent from March to 28 - the same level as April last year.

Debt Management News posted on 08 May 2008

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