Brits Concerned Most By Personal Debt

Tue, 26 Jan 2010

Personal debt will be the biggest concern for the majority of Britons over the next six months, according to new research.

The latest Nielsen-British Retail Consortium (BRC) Consumer Confidence Survey shows that many people are still worried about their financial situation in the current economic climate.

More than two-thirds of those questioned said they are putting any spare money they have towards improving their personal finances, while 40 per cent are using it to increase their savings and 29 per cent to pay off their debts .

Justin Sargent, managing director at Nielsen Consumer UK, said the level of saving among those polled was the highest recorded since the survey began in November 2004.

"We are in the foothills of what will be a slow climb out of recession," he explained.

"While people are feeling ever so slightly better about job prospects and personal finances, a definite air of caution prevails," he said.

Stephen Robertson, director general of the British Retail Consortium, said the economy was heading in the right direction, but added there was still a long way to go before overall consumer confidence reached the high levels seen before the recession.
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