A recent survey has shown that the people of Britain are now feeling good about their finances, partly as a result of better debt situation. They’re also confident of their retirement income.
These figures come from the Office for National Statistics, an official government body that gathers data in the United Kingdom for numerous purposes. In this case, a selection of the British public were given a survey and asked to answer questions based on how they’re feeling about their current financial situation. Note that this survey does not ask specific numeric details, and relies solely on the responder’s own opinion rather than any definite financial fact. For instance the same situation could be considered problematic by one person, but perfectly fine by another. It is still however a valuable measure of the current financial climate.
Getting Comfortable With Debt
One of the headline figures from this report is that over the last 12 months, British people have become much more comfortable with their levels of debt. There’s been a rise from 66% to 75% of people who consider the burden of their debt “not a problem at all”. This of course doesn’t say exactly how indebted people are, but does illustrate a growing confidence, with the growth of lenders and the decline of payday loan companies backing this up.
Similarly, the proportion of people who believe they are currently struggling with a heavy burden has fallen too, which is undoubtedly a good thing. Along with this, fewer people have actively sought help with their debts, from charities and organisations that look to help people manage when they’ve got into a difficult situation. It seems as though the people of Britain are getting a better grip on their finances, though this report does not seek to explain exactly why this is. The current government would certainly like to claim it as their doing of course.
Looking Forward To Retirement
It’s not just current financials that the British people are positive about either; they’re looking to the future with hope too, in particular in regards to their income when it comes to retirement. More than half (52%) of people are now either “very confident” or “fairly confident” that the standard of living they hope to have in retirement will be covered by their projected income.
One of the interesting things is that a huge 44% of those polled believe it is their property that will ensure that they have that income in later life, which is a long way from the 25% that believe a workplace pension will give them their largest portion of cash. This is despite government drives to make people more aware of what’s currently in place in terms of pension requirements.
To conclude, it seems as though the recovery of the UK economy as a whole has indeed had a trickle-down effect on the public, but it remains to be seen exactly why this is, and whether it will continue in a positive fashion.