Millions of people around the UK are convinced that the county has already entered a period of recession, according to recent research.
With debt management woes worsening for many thousands of families, figures from Fool.co.uk have shown that 17 per cent of UK consumers believe the country’s economy is in recession.
The price comparison firm looked into the attitudes of consumers who have never experienced an economic downturn before and a third of these so-called “recession virgins” said they felt it would be impossible for them to become debt free.
Furthermore, of the 1,000 adults polled by Fool.co.uk, almost three-quarters expressed the view that the easy availability of credit in recent years has been detrimental to British society as a whole.
“Simple measures such as reining in spending will ensure that we have a pot of spare money tucked away to see us through a slump,” said David Kuo, head of personal finance at Fool.co.uk.
MoneyExpert recently expressed concern about the extent to which British families are funding their everyday expenses through credit card debt.