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27% of people 'have no spare cash'


Tuesday February 8th 2011

The proportion of people saying they have "no spare cash" has increased to 27%, six percentage points higher compared with the corresponding period in the previous year, according to the latest Consumer Confidence Survey by the Nielsen Company and the British Retail Consortium (BRC).

Growing pressures on personal finances also resulted in a drop in the overall consumer confidence at the end of last year, compared with the beginning, with over eight out of 10 (82%) thinking the country has not yet come out of recession.

The proportion of people expecting the country to be out of recession within 12 months hit the lowest figure of 2010, at 14%.

However, the proportion of people who expect their job prospects to be "excellent" or "good" in the coming year rose two percentage points to 22%, while the number of those positive about their personal finances reached 35%, up one percentage point.

The number of respondents feeling negative about spending now declined six percentage points.

The number one concern for cash-strapped consumers in the coming months turns out to be rising utility bills, while other major worries include increasing fuel costs, fears over food prices, jobs and debt.

Copyright © Press Association 2011

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