According to a recent survey, families are feeling more positive about their finances, but still have concerns. Markit, a financial information company, says that Brits are more upbeat (or less downbeat actually) when it comes to their money than any other time since 2010. Tim Moore, a Senior Economist at Markit, said: “Households’ perceptions of financial stability are now at a level unsurpassed over the past four-and-a-half years.”
The Household Finance Index (HFI), a survey compiled by Markit Economics every month to anticipate changing consumer behavior, has reached a record high over the past three years. It hit 40.8 in June which equaled a previous high in February 2010. However, the findings suggest that most people think that their household finances have gone downhill and many still expect things to get worse in the year ahead since readings are still below 50. Anything below 50 means that a decline in standard of living is expected; whilst readings above 50 indicate an improvement on the horizon.
Job Confidence
Further findings showed that when it comes to workplace activity and confidence in job security, the index fell from 53.5 in May to 52.8 in June. However, it still remains above 50 for the fifth consecutive month. It is great to hear that so many families are feeling less gloomy about the economic climate! The study, which involved 1,500 people being surveyed in Britain, was carried out by Ipsos MORI.
Another report was recently published by Vouchercodes.co.uk which revealed that three out of four dads worry about their financial situation. The study found that more and more fathers are feeling the pressure to provide for their families but many are hiding the strain and keeping it to themselves because they don’t want to worry their families. One out of five dads won’t even talk about it and the biggest cause for concern is the rising price of energy bills. Nearly two in five dads confess that the increasing cost of weekly food is what makes them agonize about the finances. According to the survey, 80% of younger fathers aged 18-24 years-old worry the most about money in comparison to 66% of dads aged 55 and over.
How are you feeling about your household finances? We’d love to hear your thoughts. Are you optimistic about 2013/14, or are you doubtful that the economy will turn itself round? Let us know in the comments below.
See Also:
- Understanding Your Family’s Spending Behaviors
- What to Do When you Need More Money
- Avoid Making Your Personal Finance Situation Worse
- The Benefits of Family Blogging
- Avoiding Student Loan Debt
Resources:
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