Debt management plans reflect consumer vigilance
Debt management plans reflect consumer vigilance
Monday 25th January 2010
The latest Nielsen-British Retail Consortium consumer confidence survey reveals that personal debt is the biggest concern for most people over the next six months, followed by the economy and rising utility bills.
This resulted in more than two-thirds of people putting any spare money they have towards improving their personal finance situation. Some 40 per cent are increasing their savings, and 29 per cent are paying off debt.
The number of people committing to saving is the highest recorded since the survey began in November 2004.
Managing director of Nielsen Consumer UK Justin Sargent said: "We are in the foothills of what will be a slow climb out of recession.
"While people are feeling ever so slightly better about job prospects and personal finances, a definite air of caution prevails."
Mr Sargent said Nielsen predicted ongoing hardship in the leisure industry, as people refrained from going out and spending money.
Director general of the British Retail Consortium Stephen Robertson said the economy was heading in the right direction, but there was still a long way to go before confidence levels reached their pre-recession highs.
The latest ABI Savings and Protection Survey revealed that 31 per cent of consumers expect the economy to deteriorate in 2010, up from 22 per cent in the third quarter.
Dealing with debts was found to be a high priority, with 42 per cent of people starting to pay off their non-mortgage debt faster than before.
News article brought to you by Debt1 - UK debt management specialists
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