Brits increasingly pessimistic over finances

BRITISH consumers are feeling increasingly pessimistic about their finances, a new poll has found.

According to the latest consumer confidence index from YouGov and Cebr, the perception of household finances worsened in July for the fifth month in a row. It is now at its lowest point since YouGov records began eight years ago.

British households have been under pressure from higher inflation and low interest rates for more than a year, while the British currency valuation took a knock following the surprise results of June’s election.

Earlier this month, it was revealed that consumer spending had reached a four-year low, while demand for consumer credit was growing.

However, there was some good news in the YouGov and Cebr poll, as it showed that overall consumer morale improved slightly in August, rising from 107.2 (in July) to 107.6. This was believed to be due to increasing job security and stabilising house prices.

“Although this month’s consumer confidence figures bring good news, they have to be placed in context – they have not yet returned to where they were ahead of the election,” said YouGov analyst Stephen Harmston.

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