Confidence slumps, says survey

Graham_Devon

A poll of almost 2,000 people conducted by YouGov found a sharp drop in financial confidence over the 12 months to March, a period that coincided with a slowdown in the economy, rising taxes, higher inflation and the announcement of the coalition government's austerity plan.


Spending restraint was particularly evident among those the survey calls "the stretched" – people in their 20s and 30s on low incomes with few financial assets – and among young professionals of a similar age with no children hoping to move out of rented accommodation into their own homes.


"A striking 40% of consumers (up to 20 million people) chose to go out less between January and March this year, a five percentage point increase on the previous quarter," Axa said. "Half (48%) of those in the most pessimistic group, young professionals, cut back on going out. The proportion among the stretched was even higher at 56%."


The survey found that while millions of consumers were making economies in order to pay off their credit card debts, one in four of those quizzed said they were dipping into their savings to fund everyday expenditure.


A fifth of the population said they now regretted some of the financial decisions they had taken before the deep recession of 2008-09. Axa said that "nest builders" – people in their 30s and 40s with young families and large mortgages – and the stretched tended to be the most regretful.

http://www.guardian.co.uk/business/2011/jun/10/20-million-britons-cutting-back-on-spending

Found the one in four dipping into savings to fund everyday expenses a bit of an eye opener. Also the debt regret....not something we hear often!!

ess0two

I've got mortgage at the mo,i 'regret' it wholly as i'd much rather spend the cash on something else,sadly i've got live somewhere,be it renting or a mortgage.

worldtraveller

Graham_Devon wrote: »

Also the debt regret....not something we hear often!!

Maybe some of the "Me me, I want it, and I want it now" society, which has been discussed on this site for many years now, are finally coming to accept that they need to live in the real world, instead of the fantasy world that they have been living in for the past 10 years or so. However, it's probably just a little bit late for a lot of them. Do I sympathise? Do I ****!

Thrugelmir

worldtraveller wrote: »

Maybe some of the "Me me, I want it, and I want it now" society, which has been discussed on this site for many years now, are finally coming to accept that they need to live in the real world, instead of the fantasy world that they have been living in for the past 10 years, or so. However, it's probably just a little bit late for a lot of them. Do I sympathise? Do I ****!

The debt society will affect us all though. As less money circulating in the economy means less activity for your employer if in the private sector.

A whole generation has yet to experience a recession in its truest sense.

1984ReturnsForReal_2

Welcome to the end of the middle

worldtraveller

Thrugelmir wrote: »

The debt society will affect us all though. As less money circulating in the economy means less activity for your employer if in the private sector.

A whole generation has yet to experience a recession in its truest sense.

I totally agree with all of the above and it makes me wonder, and indeed has for some time, where any real UK growth will come from, for a long time yet.

Thrugelmir

worldtraveller wrote: »

I totally agree with all of the above and it makes me wonder, and indeed has for some time, where any real UK growth will come from, for a long time yet.

Put simply Buy British. The more we spend on goods and services produced or supplied within the UK the better.

1984ReturnsForReal_2

Thrugelmir wrote: »

Put simply Buy British. The more we spend on goods and services produced or supplied within the UK the better.

Buying British.... well that simply isn't British *........



*(in the major cities & towns anyway, country people have been doing it for years)

Thrugelmir

1984ReturnsForReal wrote: »

country people have been doing it for years)[/Q]

Then why has the UK has been BMW's biggest export market for many years......

and I'm not refering to the Mini either.

1984ReturnsForReal_2

Thrugelmir wrote: »

1984ReturnsForReal wrote: »

country people have been doing it for years)[/Q]

Then why has the UK has been BMW's biggest export market for many years......

and I'm not refering to the Mini either.

Because EXPORT is the clue for you.


But we all laugh at the BMW & JAGS that end up stuck in the slightest bit of snow when a car a 5th of the price just passes by with ease.


But if you really want to talk cars take a look at the history.

michaels

The Germans of late have spent a lot of time working and have spent less than they earned, the difference being lent to the Greeks who have not worked much but nonetheless have consumed more than they produced off the bank of borrowing from the Germans.

Now it turns out the Greeks can not pay back their debts which will be written off. The Germans won't get back their money nor their BMWs.

My point? Who were the mugs?