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2010: A Tax Odyssey for UK Consumers, Says The Money Shop
• Almost half (43%) fear tax rises
• More than two thirds (63%) made the most of pre-VAT increase in sales
• A third (33%) are expecting the worst as financial worries deepen
• Queen's speech ditched by 4% who preferred to scour online bargains
• One in ten (11%) are financially optimistic for 2010
UK consumers fear further financial hardship in 2010 as tax rises is today, insert date, revealed as one of the biggest burdens on consumer finances along with rising food bills (61%) and the increased cost of running a home (60%).
According to The Money Shop Monitor_ - a quarterly barometer of the nation's cash related habits - a third (33%) of consumers are bracing themselves for another torrid year when it comes to their personal finances. Despite claims of a meagre, back to basics Christmas (18%) and sensible shoppers sticking to their spending cap (25%), a third (33%) are already feeling the pinch and admit they are much worse off than they were three months ago.
With more than two thirds (63%) lured into the January sales to make the most of the pre-VAT increase, and a determined few (4%) even ditching the Queen's speech to surf online to bag the best bargains on Christmas Day, it could be that post-Christmas spending, rather than the festivities themselves, has contributed to consumers evaluating their finances less than favourably as the new year gets underway.
Andrew Bryan of The Money Shop, the UK's leading instant cash provider said: "It seems that despite the good intentions and best efforts of the more cautious Christmas shoppers to spend less on their loved ones (33%), many are still suffering the inevitable spending hangover.
"And the crunch looks set to continue as just over a quarter (27%) say the next three months will see their already depleted finances plummet even further. With the existing tax increases and speculation of VAT reaching the dizzying height of 20% later in the year, this will certainly be an interesting and potentially fraught year when it comes to personal finances unless consumers really get to grips with managing their money."
Despite their frivolous shop-a-holic reputations, women exercised a steely reserve when it came to their festive spending as an impressive 35% dramatically cut back on their spending from last year and 16% actively sought ways to save money during the period. The fairer sex also appear to approach financial management more sensibly as over a third (32%) rank saving for the future as a priority and are less likely to take out credit.
Men seemingly take a more blasé attitude to their finances with 14% claiming not to be worried about anything cash-related - almost double the amount of women who, despite being more cautious, do not share this positivism (8%). With double the number of men (6%) than women (3%) putting Christmas on their plastic, their optimism may be short-lived once credit card and loan repayments start to take their toll.
Mr Bryan continues: "Despite the current gloom, consumers are clinging to some hope of improved financial conditions and there is definitely an element of postivity to be taken from the Money Shop Monitor results. For example, in the same period last year, almost half were predicting their finances to take a serious turn for the worst, and yet this year, more than one in ten (11%) consumers are already confident they will be better off in 2010."
But still managing to thwart slowly mounting positivism are the familiar financial woes about growing unemployment (28 per cent), the rising cost of living (61 per cent) and the increasing threat of higher and new taxes, which is plaguing nearly half (43 per cent) consumers.
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