Britons are increasingly worried about their personal debt levels, a new study has revealed, despite the fact that consumer confidence has risen for the third quarter in a row.
This is according to the latest Nielsen-British Retail Consortium (BRC) Consumer Confidence Survey, which found that 69 per cent of those asked said spare cash will be used to improve their financial circumstances.
In addition, 29 per cent plan to settle debts, while 40 per cent intend to increase their savings.
Managing director of Nielsen Consumer UK Justin Sargent remarked that “a definite air of caution prevails”, in spite of the fact that people are happier about jobs and money.
And director general of the BRC Stephen Robertson added that “big concerns” regarding personal debt have made adults “more committed to paying off debt and saving, than shopping”.
This was also recently seen in figures published by the Office for National Statistics, which found that weekly expenditure on clothing and footwear reached a record low in 2008.
By Sarah Adie