Consumer confidence ‘very low’

The majority of Britons are not feeling optimistic about their financial and economic prospects in 2012, a new poll has found.

The survey by price …

The majority of Britons are not feeling optimistic about their financial and economic prospects in 2012, a new poll has found.

The survey by price comparison site uSwitch.com revealed only 47 per cent of Britons are feeling upbeat about the year ahead, with three per cent feeling very confident.

Of the daunted majority, the greater part is made up by the 39 per cent of all consumers who believe they will be worse off next year, while 49 per cent of consumers think their disposable income will fall next year and ten per cent expect it to vanish altogether.

And the rising cost of living is a key area of worry for most, with 76 per cent concerned about this, while 23 per cent are concerned about their debt levels.

Those who fall into the latter category may find a debt management plan can help if they are struggling, not least if they are among those whose disposable income falls.

Debt consolidation emerged as a major priority in the survey, with 42 per cent looking to undertake this in 2012.

Personal finance expert at the site Michael Ossei said: "2012 looks set to be another difficult year with consumers already geared up to cut back, curtail spending and try to clear outstanding debt."

Britons have been consistently paying off more on their credit cards than they spend since the recession and the most recent British Bankers Association figures – covering November – revealed this was the case again.

The month saw £7 billion repaid, compared with £6.8 billion of spending.

Posted by Paul Thacker
 

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