Callcredit News
- Average student debt repayment will take over 12 years »
- Save long and prosper? »
- Debt Soars as Credit Crunch Bites »
- Callcredit Check reveals that workers are giving away over £71 million everyday through unpaid overtime »
- More »
Do you have a story to tell?
If you have been affected by Debt, ID Fraud or a change in circumstance which has led to issues with credit we want to hear from you. Send us an email for more information.
Affordability fears hit almost half of UK adults
12th June 2008
Can I survive the next twelve months?
Key statistics
- 46pc of the UK adult population say that simply being able to stay afloat is their chief financial concern over the coming 12 months
- 38pc of the population describe themselves as pessimistic in relation to their financial standing over the coming 12 months
- Pessimism is highest among the over 55s (41pc)
Independent research commissioned by credit reference agency Callcredit has revealed that 46pc of the UK's adult population say that simply being able to afford to live - making ends meet and servicing current debt levels - is their number one financial challenge over the coming 12 months. This is over ten times the number of people who say they are most concerned about getting a mortgage or the risk of redundancy (4pc respectively).
Owen Roberts, head of Callcredit Check, comments "The sharp rise in the cost of fuel and food combined with fears over falling house prices are impacting our attitudes towards our finances. It appears that people are most concerned about short term survival in light of spiralling costs and many can't see the situation improving over the coming 12 months - this is especially true of the older generation who may have been hardest hit by rising bills."
Women are more concerned about surviving the financial downturn than men (50pc vs 41pc) and concerns are highest among the 35 - 44 age group (57pc).
Almost four out of ten people (38pc) describe themselves as pessimistic about their finances over the next 12 months compared to one in five people who are optimistic. Negativity peaks among the over 55 age group with 41pc describing their attitude as pessimistic.
"In order to get a better understanding of their financial commitments and to see where savings could be made, we'd advise consumers to get a copy of their credit report," adds Roberts. "Consumers who are concerned that they can no longer make ends meet should speak with their lenders before things become unmanageable or an independent organisation such as the Consumer Credit Counselling Service to work out the best way forward."
