Despite the fact a majority of consumers believe their household is managing its finances well, there is still a large percentage of people…
Despite the fact a majority of consumers believe their household is managing its finances well, there is still a large percentage of people (24 per cent or one in four) who think they are worse off than in 2014.
The results of the latest research from Halifax show that some 24 per cent of respondents aged 40 to 49 think they are coping badly with their finances. This is clearly a concern, although it is a drop from 28 per cent who felt the same way last year.
Overall, those in their 40s are more optimistic about their financial situation than they were previously. When questioned, some 74 per cent of people in this age group believed their household was coping well in terms of finances, which represents an increase of six per cent on the year before.
The research also shows women are more concerned about their finances than their male counterparts. Some 50 per cent of women expressed concern about their financial futures and suggested they were worried about saving. Just 37 per cent of men felt the same.
When questioned, 28 per cent of men believed their households' financial situation would improve over the coming 12 months, compared to just 23 per cent of women.
Nick Young of Halifax current accounts said: "While it's reassuring that some consumers are starting to feel relief when it comes to the financial pressures they have faced over the past few years, one in four do still believe they are worse off than they were in 2014."
He said it is therefore important that people keep close tabs on their finances and manage their budget accordingly so they are not faced with unpaid bills at the end of the month.