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‘Northern wreck’ rocks confidence
27 September, 2007
Consumer confidence has taken a knock in the aftermath of the Northern Rock chaos.
A quarter of all UK consumers have become more concerned about their own financial situation according to research from Callcredit.
The over 55s are the most concerned, with 31 per cent of those surveyed increasingly worried about their financial health. Conversely, over half of 18 – 24 year olds said that they were no more concerned now than before Northern Rock’s troubles.
Owen Roberts, head of Callcredit Consumer said: “The Northern Rock crisis and the credit crunch have clearly shaken consumer confidence, particularly among the over 55s.
“It is understandable that this group, who are more likely to have spent time building up a nest egg, would be the most concerned as it was a panic over savings that was hitting the headlines.
“The most important thing for people to do is to take control of their finances. We urge consumers not to panic but instead to take a good look at their current financial status by reviewing their credit report”.