Britons' faith in their financial situation is improving,
new figures reveal.
In a study released by GfK NOP earlier today, the Consumer
Confidence Index score increased by two points over the
course of August to now stand at -4. Research from the
financial services firm revealed that the climate among
members of the public to make major purchases returned to a
positive score over the duration of this month. Increasing
by six points, the score now stands at +4 and was reported
to have driven the general rise in Britons' consumer
confidence - however, this is still three points down from
the same time last year.
Meanwhile, the savings index, which judges people's
propensity to set money aside for a rainy day, was said to
be at a record level. Currently standing at +42, it is the
highest level noted since the late 1980s and is some 12
points above figures noted in August 2006.
Over the month, the index measuring changes in consumers'
views on their personal financial situation, which may
include their ability to put money into savings accounts
and pay off loans, rose to +2 - some two points higher than
the study noted when it was carried out during the same
month in 2006.
However, a slight fall was recorded in the public's
optimism about their monetary situation over the next 12
months. Although a decrease of one was noted from July
statistics to a present level of +12, this figure was still
reported to be higher than the index recorded in August
2006. In addition, a fall was recorded in expectations over
Britain's general economic situation in the coming year.
The second consecutive decrease, this index now stands at
-15. Meanwhile findings from GfK NOP showed that consumers'
measure about Britain's general economic situation during
the past year stayed consistent at -25.
Remarking the findings, Rachael Joy from the financial
services firm's consumer confidence team said: "Consumers
this month have a renewed confidence in the major purchase
index with an increase of six points. This August they also
appear happier about the economy in general compared to
this time last year, which could be a reflection of lower
inflation rates, a buoyant housing market and good savings
rates being offered. Next month it will be interesting to
see if consumers continue with this upbeat attitude, or if
the threat of more interest rate increases, more rain and
an unstable US market begin to take their toll."
And with elements of the GfK NOP study revealing some
concern about consumers' financial outlook, those worried
about managing their finances could be well advised to take
out a debt consolidation loan to rein in their monthly
outgoings. Earlier this month, Adrian Kidd, a spokesperson
for Mint Financial Services, claimed that getting such a
loan could be a much better option than running up debts
owed on various credit cards. However, he warned Britons to
cut up their cards immediately so as to avoid the
temptation of going into the red once again, otherwise they
"never really make any progress".
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