Monday, September 28, 2020

Half of consumers feel worse off than a year ago


Nearly half of UK consumers feel worse off now than they did one year ago, up seven per cent on July 2012, according to new data.

Price comparison site surveyed 2,017 UK consumers and found that 23 per cent said they often run out of money before the end of the month, with a fifth admitting they are now seriously worried about their personal finances.

Last month, consumer confidence hit its lowest level for six months, according to the GfK/NOP Consumer Confidence Index and looking ahead, the forecast for personal finances in the coming 12 months reported its biggest monthly drop since June 2011.

As rising food prices and the expected fuel duty rise next year weigh heavily on the public‘s minds, energy bills are also soaring though the company warned that households could save money by switching energy suppliers .

However, 83 per cent of respondents said that they had not switched in the last 12 months, 56 per cent have not done so for three years or more while 29 per cent of households have never switched.

Earlier today Centrica, owner of British Gas, which is set to increase energy bills by six per cent from tomorrow, announced it expects to see a £1.4 billion profit this year.

John Miles,‘s Business Development Director, commented: “Forty nine per cent of Brits feel worse off now than they did a year ago.

“That‘s the highest percentage we‘ve ever measured in one of our surveys and is up from 42 per cent in July.

“Unfortunately it seems to confirm what many of us already know, that more than five years on from the start of the credit crunch UK consumers‘ finances are still suffering.”


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