Consumer confidence grows across the UK but younger generation remain more pessimistic

According to the latest Lloyds Bank Spending Power report, consumer confidence is at the highest level recorded for almost five years, even though those aged between 18 and 24 are less optimistic about their financial situation.

The report was based on a survey conducted among 2,000 18 to 75-year-olds.

Out of the respondents, 70 per cent of ‘empty nesters’ aged 45 or over claimed they felt confident in the security of their financial situation.

However, only 58 per cent of single people aged between 18 and 24 gave the same response and the figure for those believing they would be able to save more in six months’ time than at present was a mere 31 per cent.

For most families in Britain, the amount they have to spend on essentials fell by 1.2 per cent last month, with a 1.3 per cent fall in water bills also contributing to the overall decrease.

Furthermore, this has noticeably had an impact on national attitudes, with 61 per cent of families with children stating that they felt positive about their personal financial situation.

Lloyds Bank representative Patrick Foley said: “Consumers remain in good spirits, with sentiment buoyed by a combination of strengthening wage growth and muted price pressures.

“And with uncertainty in the international environment ebbing a little, the economic backdrop looks conducive to a pickup in the pace of the UK’s recovery through the second half of the year.”

Posted in Economy.