Upturn In Consumer Confidence Recorded
Posted on Nov 24 2008 | Tagged as: Finance
Britons are beginning to hold a more positive outlook towards their finances, it has been reported.
In the latest consumer confidence index released by Nationwide, it was revealed that peoples opinions in regards to money improved over the month of October. It was recorded by the financial services that an overall score of 55 for the month. Such a figure shows an eight per cent increase from the 51 recorded in September. Furthermore, it is the first improvement seen by the nations overall financial opinion since the end of 2007.
Overall, an increase was recorded that two out of three indices which make up the companys study, the expectations index, tracks peoples opinions on the future of the labour and economy, rising ten points over the course of last month to stand at 69.Within this index, 38 per cent of people believe the economy will get worse in the next six months, but 27 per cent think it will be better. Nationwide points out that the latter statistic indicates a rise from the 14 per cent of adults who thought this in September.
Meanwhile, consumers spending confidence rose over the month from 53 to 55. However, the present situation index, was the only one to drop, fell from 39 to 35.
Holding a more positive view towards the financial future, consumers could find that they are in a better position to keep up with various areas of spending commitments such as personal loan repayments and utility bills etc.
The financial services firm reported that despite an overall rise in consumer sentiment, more people do not think now is a good opportunity to make a major financial purchase. Some 66 per cent of Britons believed thatclaimed last month was a bad time to buy something such as a house or car, up from the 64 per cent who thought this way in September. Meanwhile, 41 per cent feel indifferent towards buying household items.
However, for those looking for an effective way to fund making a purchase, taking out a cheap loan could prove to be effective.
Fionnuala Earley, chief economist for Nationwide, said: “Actions taken by the government and Bank of England to support the financial markets seemed to have buoyed consumers confidence and could be responsible for the increased confidence in the future economic situation. Although, with the economy heading into recession, there will be bumpy times ahead for the UK consumer and it is most likely to be some time before individuals confidence returns to the level of a year ago.Rapid cuts in interest rates are however on the horizon and this could support a recovery in confidence going forward.”
If struggling and concerened about how to manage their finances over the coming months may want to consider a loan. In taking out such borrowing, consumers may find that they are able to meet various spending commitments quickly, leaving them with an affordable monthly payment to make. This could prove to be of particular assistance after the 27th Financial Activity Survey commissioned by John Gilbert Financial Research last month showed the nations expected monetary actions stood at 94.6, the highest figure recorded since last 2006.
Mark Dawson writes for Loan-Arrangers where visitors can compare UK loans online. Then apply for one of our cheap low cost loans or bad credit personal loans.
- Mark Dawson