Tuesday, 30 July 2019 15:50

People still nervy about spending

We recently ran an article detailing how people were feeling far more confident about their finances and spending. Yet, this seems to contradict the latest reports.

According to figures from last month, people cut back quite significantly on their spending, the most they have done in 25 years. Which completely goes against what many experts said a mere few weeks ago. They previously announced statistics that showed people were far more comfortable with their finances and were feeling much more confident about spending. 

Puzzled? We sure are

The slowdown in people’s spending has been quite significant. Sales in retail were down by nearly three per cent, which is the most significant downward trend since retail records began. That’s hardly something to be shouting about. Numbers also show that sales only rose by 0.3 per cent in the first 12 weeks to May, which is again a sluggish trend and goes some way to highlighting the struggle the country is still facing.

This news also comes on the back of some of the biggest retail players such as Asda confirming that the outlook still remains ‘pretty challenging’ for them.

Despite this negative news, however, forecasters are still feeling confident that the UK is in a good place.

Jamie Finch, an expert economist told us: “Even though the figures seem quite frightening, we still think there is much to be positive about. We have all the uncertainty surrounding Brexit and yet we, as a country, are still performing remarkably well. “

He added: “In our latest research, 67 per cent of people said that they were confident with their finances, a twenty per cent increase on this time last year. If anything, Brexit and the constant talk of spiralling debts is doing Brits a favour. They are being made to realise the importance of saving and are being really sensible with their spending.” 

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