- Thursday, 14 January 2010Debt management plans may become a priority for many people, as consumer confidence for the year ahead has fallen dramatically.
The latest ABI Savings and Protection Survey reveals that 31 per cent of consumers expect the economy to deteriorate in 2010, up from 22 per cent in the third quarter.
Paying off debts was found to be a higher priority in comparison to saving, with 42 per cent of people starting to pay off their non-mortgage debt faster than before, states the report.
Concerns surrounding job security were also a prominent factor, with 31 per cent stating they were now more worried about their employment than they were three months ago.
Commenting on the figures, ABI director of research and chief economist Dr Rebecca Driver said it was clear that consumer perceptions surrounding economic prospects and personal job security had deteriorated.
"Seven in ten people feel that they would cope badly financially if they lost their job, with four in ten admitting that they had not made adequate financial provisions to enable them to cope with a large, unexpected expense," she added.
According to recent figures from the Bank of England, UK households reduced their outstanding mortgage debt by £4.9 billion in the third quarter.
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