Fewer Brits Are Worried About Managing Their Personal Debt
The majority of Britons feel downbeat about their household’s disposable income but fewer people are concerned about managing their personal debt, according to a recent survey.
Findings by Deloitte in their Consumer Tracker report reveal that generally the feeling of consumers is positive as fewer Britons, down from 24% to 18%, are pessimistic about job security. And people are less worried about their own debt, as this is down from 25% to 22%.
However, the study did show that over half of those surveyed are lacklustre about how much they can spend; and the business advisory firm suggests that inflation must fall further in order for consumers to spend more.
Further results found that 27% of Britons spent less this quarter through buying cheaper products and 37% spent less on going to the cinema, theatre and concerts. Other areas which consumers are cutting back on include clothing and footwear whilst 51% forked out more on electricity, water and gas; and 44% spent more on transport costs and food shopping.
Ian Stewart, chief economist at Deloitte, said shoppers remain cautious slightly less than at the end of last year. He said: “Consumers feel slightly more comfortable with their personal balance sheet but there has been a huge shift in the British consumer's attitude to debt from being very permissive to out of fashion.”
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