Four in ten Brits concerned about their finances

Nia Williams

March 28, 2011

This is according to research from uSwitch.com which found that a quarter (25%) now feel less confident about the country’s finances, a third (36%) feel less confident about their own finances while 37% feel less confident that we’re seeing the end of the recession.

The research also found:

  • Two in ten Brits (20%) now feel less confident about their job while a third (37%) feel worse off after the budget
  • 58% say now is not the time to make any major life changes or financial decisions
  • According to consumers, unemployment (29%) is the biggest issue the Government needs to address followed closely by the benefit system (25%) and the national debt (24%)

Commenting, Ann Robinson, director of consumer policy at uSwitch.com, said: “Wednesday’s Budget may have been billed as a growth budget, but consumer confidence has remained low. Over a third of Brits (36%) now feel less confident about their own finances, a quarter (24%) feel less confident about the country’s finances and a fifth (20%) are now less confident about their job, showing we’re not out of the woods just yet.

“Four in ten (41%) Brits may still be concerned about their own financial position, but with less people feeling worse off than after last year’s Budget, there does seem to be some light at the end of the tunnel. Following the announcement of a scheme to help at least 10,000 first time buyers nearly a third (30%) of Brits now say it’s a good time to be a first time buyer – last year just 8% felt this way.

“However it’s clear consumers are still feeling the pinch and need to take better control of their own budgets. Stripping down living costs and household bills to the bare minimum will help consumers enjoy more disposable income, and will also help them save for the future.”

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