Thursday, 22 August 2019 20:00

Financial confidence is still low among Brits

New research has shown that Brits are still not comfortable with their personal finances, and still don’t like to splash the cash on expensive items.

Despite the economy holding up, and more people in work than there has been in a long time, it appears people are still on edge about their personal finances, and in particular are conscious of spending money on things like a new car. It appears if they can avoid large purchases, they will.

Of the 2,000 people that were quizzed, almost seventy per cent of people said that they monitor their finances closely, and are not comfortable with their current situation. The majority also said they wished they had more of a financial safety net in place. Eighty-two per cent of people also said that they didn’t have confidence in the economy and for that reason were reluctant to make any ‘large’ purchases.

Gemma Clarke, a working mum of two said: “Both me and my partner work full time but we don’t have savings so if our car was to break down or anything like that, we wouldn’t have the cash available to go and get a new one. All our wages go on bills and feeding the kids and general running-the-home stuff. I predict most families are like us which is why nobody has any financial confidence.”

People are right to be concerned about their finances and the stability of the economy if figures seen by us are to be believed. Statistics show that the economy slowed markedly in the last three months, with the retail sector particularly affected. Sales in shops appear to be at the lowest they’ve been in a decade, and this trend shows no sign of reversal.

As always, people need to ensure that, wherever possible, they keep tight with their money, and more importantly, put money away as and when they can.