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Summer Heralds A New Rise In Consumer Confidence Says The Money Shop
• A third (32 per cent) feel jolly as hols are booked
• Saving back on the to do list for nearly half (46 per cent)
• Two thirds (61 per cent) feel no worse off than three months ago
• A savvy third (32 per cent) sell off unwanted gold to stay afloat
The Money Shop, the UK's leading high street instant cash lender reveals Britons have officially unearthed a glimmer of hope - albeit faint - about their improved personal finances as it releases new results from their national personal finances tracker.
A quarterly barometer of the nations cash-related habits, The Money Shop Monitor has delved into consumer attitudes towards key financial concerns such as job security, saving for the future and meeting increased basic living costs, since 2007. And the latest findings show that UK consumers believe they are entering a period of personal financial stability for the first time since last August when news of the then impending recession, first broke.
The Highs
It could be a case of Seasonal Affective Disorder finally wearing off but for the first time more that half (61 per cent) of consumers no longer feel worse off than three months ago and almost double* feel that the summer sun will sprinkle a ray of much needed sunshine onto their wallets in the weeks ahead. A clear indication that the mood has improved along with the weather!
And when it comes to holidays, the last year has seen consumers reluctant to commit their sparse finances to frivolous fun in the sun with over a third (33%) opting for a ‘staycation' to conserve funds. But the latest statistics indicate that 32% more would-be-holidaymakers are now feeling flush enough to dig out their passports and book a summer get-away overseas.
Rocketing utility costs have agonised consumers since the poll began, this soared by almost two thirds (58 per cent) last year when a massive 76 per cent believed they would struggle to pay their essential bills. The latest figures show this financial pressure has thankfully been turned down with now just over half (53 per cent) no longer at boiling point about not being able to pay for heating, water and electricity.
With over one in ten (12 per cent) convinced that they will be even better off in the next three months, it comes as little surprise that consumers are once again allowing themselves to think beyond the here and now and are starting to look to the future as two fifths (46 per cent) put savings and pension provision back on their to do lists.
These faint hopes of economic improvement are still overshadowed by concerns around unemployment and costly bills which continue to dominate the less optimistic - proving that better financial management is needed if consumers are to fully weather the economic storm.
The Lows
Job security is unsurprisingly still causing the biggest unrest with a 38% increase in the number of employees concerned about hanging onto their jobs since the first Money Shop Monitor was commissioned. Additionally, the number of employees feeling hard done by on their salary leapt up by 15% in August last year, however this has started a steady decent back down to a quarter (26%) who still feel their salary isn't enough to cope with increased living costs.
Interestingly, the number of homeowners living in fear of unexpected bills landing on their mats has dropped significantly since 2007. The latest poll divulges that almost 20% are unperturbed at the thought of having to find cash for unexpected bills but whilst less of a worry than before, 38% of consumers still rank this as one of their on-going financial uncertainties.
Cash in quick
To continue to survive the recession and get fast access to cash to meet unexpected bills and increasing living costs, a third (32 per cent) are now selling off the family jewels and a savvy 8 per cent think the future looks not just bright, but golden as they continue to collect gold that they can cash in at a later date.
Andrew Bryan of The Money Shop, the UK's leading instant cash provider said: "If you compare the results of The Money Shop monitor which has tracked attitudes and financial concerns since 2007, consumer confidence is beginning to improve. It's interesting to follow the dramatic dip around last August when news of the recession first began to hit home.
"However, the results of the latest poll whilst positive, show that we are by no means out of the woods just yet and in these difficult financial times consumers will be wise to monitor personal finances on a regular basis and look for alternative ways of raising cash to ensure the feeling of financial freedom is sustained. Selling unwanted gold could help with the ever-present worry of affording living expenses and unexpected bills."
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