Third of Brits risk debt by having no spare cash

Fri, 12 Aug 2011

A high proportion of British consumers could be putting themselves at risk of after new research showed that a third (32 per cent) of people feel they have no spare cash.

According to the data from the Consumer Confidence Survey from Nielsen and the British Retail Consortium (BRC), people had a more positive outlook last quarter, but Brits' intentions to spend have remained at an all-time low.

Nielsen managing director for the UK and Ireland Chris Morley explained that the extra bank holiday and fairly warm weather during the spring had helped boost people's mood.

"[It had also] perhaps diverted thoughts away from the incessant squeeze on incomes, but sentiment is no higher than it was two years ago when the UK was in the grip of recession," he warned.

He predicted a rise in confidence in 2012 as a result of the Olympic Games, but noted that it is difficult to see any improvement until then.

BRC director general Stephen Robertson added: "The squeeze on disposable incomes is getting tighter. A third of people said they have no spare cash - a new record high."

Meanwhile, the Consumer Credit Counselling Service has warned that more than five million households are not saving enough - another risk factor for .
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