- Monday, 25 January 2010Debt management appears to be taking precedence among UK consumers, with new figures revealing 70 per cent are adjusting their spending to save money.
The latest Nielsen-British Retail Consortium consumer confidence survey reveals that personal debt is the main concern for most people over the next six months, followed by the economy and increasing utility bills.
While consumer confidence has risen for the third consecutive quarter, many people are still cautious about their own situation in the coming year, according to the report.
Some 69 per cent of people said they will put any left over money towards improving their personal finances. Four out of ten people are increasing their savings, while 29 per cent are using it to pay off debt.
Nielsen Consumer UK managing director Justin Sargent said the UK was in the "foothills" of what will be slow climb out of recession.
"While people are feeling ever so slightly better about job prospects and personal finances, a definite air of caution prevails," he said.
Meanwhile finance and business commentator Jasmine Birtles recently claimed that the next decade would be a "much more sober one", as the idea of saving to spend makes a comeback.
Insolvency Practitioners at Money Debt and Credit Ltd act without any personal liability
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ