My OperaMaster cleanse Consumer Confidence Is Fading
Tuesday, June 22, 2010 5:42:26 AM
According to a recent report, an ever increasing number of Brit's are getting worried about their finances.
In research undertaken by Gfk NOP, it was unveiled that the nation's financial outlook has continued to slide. The research company announced that the overall index which measures British opinions on the economy slid to -29 during may. A figure like this represents a fall of five points from the -24 seen in April and down from -2 which was recorded 12 months ago.
The firm's index that measures the consumers opinion of their personal financial situation for the last 12 months was shown to have fallen by three points to stand at -11, the lowest figure recorded for 30 months. Meanwhile, predictions over how they will manage money over the next 12 months is similarly bleak. This index is at -4, a fall of 17 points from last May.
Due to such worries about their personal finance situation, it is quite possible that consumers are struggling to meet demands on their spending such as credit cards, loans and household bills.
On top of all this, the measure tracking how the economy as a whole has fared over the past year is at -58, a fall of 40 points from the study conducted a year ago and the lowest figure recorded for longer than 15 months. On top of that, expectations about the nation's general financial situation stands at -39.
Further research from them also indicated that the index that measures whether or not society thinks that it is currently a good time to make a significant purchase has continued to slip. This measure was reported to be currently standing at -32, a reduction of eight points from last months data and 36 beneath where it was in May last year. This months' figure was also shown to be the worst score ever recorded since Gfk NOP began its study in the early 1980s.
However, for prospective buyers who are considering making a purchase, which could include a car or house, using personal loans to finance such buying may be advisable.
And with consumers having such concerns about their financial situation, it is quite plausible to think that more people will want to give more thought towards putting cash away for the future. However, this appears to not necessarily be the case as the index tracking whether people think that now is currently a good time to save money has fallen. Down by three over the month of May to stand at +25, the index stands ten points lower than it was in may 2007.
Speaking about the figures, Rachael Joy, from GfK NOP's consumer confidence team, said: "UK consumer confidence continues its decline and we are seeing levels not recorded since 1990; we are at a massive 27 points lower than this time last year. Consumers' confidence in the economy over the next year, additionally a reluctance to make major purchases, reflect the popular expectation of a recession - both these measures are at the lowest level on record. The future months may see even additional fall in confidence, as going up inflation and dropping house prices make reigning in their monthly expenditure even more likely to the UK consumer"
Those persons who are concerned about their ability to cope with their finances over the remainder of this year may find it useful to take out a cheap loan. By doing so, this could help consumers to meet various demands on their monthly expenditure at once, leaving them with a single affordable repayment to make each month. This might be of assistance to a large number of consumers after Michael Coogan, director general for the Council of Mortgage Lenders, declared his disappointment at the Bank of England's decision to keep interest rates unchanged last month. He claimed that although most consumers should be ok, the housing and mortgage markets will encounter problems over the course of 2008. Mr Coogan advised those worried about their ability to manage their money to contact their loan officer or a financial advisory service immediately.
Mark Dawson writes for the the Loan Arrangers where you can compare loans and apply online for cheap secured UK loans, and bad credit loans.master cleanse: master cleanse
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