Brits keep “stiff upper lip” during credit crunch

British consumers may be feeling their wallets shrinking but a new study has found an increase in people describing themselves as “getting by”.

Figures from Mintel show a decline in people considering themselves as “comfortably off” or “managing easily”, from 64 per cent in 2006 to 51 per cent this year.

However, the study also found a rise in the number of those saying they are “getting by” despite things being “tight”. Currently 39 per cent now agree with the statement compared to 25 per cent two years ago.

According to senior finance analyst at Mintel, Toby Clark, it is “good news” that the majority of people still appear to be keeping their heads above water.

“But there has clearly been a deterioration in people’s perception of their financial situation over the past two years, as rising interest rates and higher living costs have really started to take hold,” he commented.

The findings may suggest people are handling
debt management
better, or are budgeting to remain debt free.

By Morwenna Kearns