Jill Mackay, Savings Specialist at Scottish Friendly, adds context to this morning’s GfK Consumer Confidence survey results:

“Following the steep fall to -20 for headline confidence last month, with future indicators on personal finances, economy and purchase intentions all markedly down, with the findings for October showing a slight further fall to -21 it paints a mixed picture.

“Whichever way you look at it, however, the one certainty with confidence is that it’s fickle! For now, we’re seeing persistent uncertainty but the Monetary Policy Committee decision next month could see that all change. Our own research earlier in the year highlighted that around a third of UK adults saw no prospect of the grip of cost-of-living pressures on the family budget loosening this year, or next.

“Thirty-one percent expected there to be no change to what they spend on housing and utilities next year and 37% believed they would still be paying what they pay now on food. Recent energy hikes will also doubtless have hit hard. Building greater financial resilience that enables us to weather whatever life throws at us next is a must, regardless of how confident we may feel or may not feel at the moment.”

Notes to Editor:

The research referenced in the quote above comes from Scottish Friendly’s 2024 Family Finance Tracker, it was conducted by the Centre for Economics and Business Research (Cebr) and 3Gem. It comprised 2,600 UK adults aged between 18 years and 65+. The Family Finance Tracker examines the savings and investment habits of adults across the UK and looks to shine a light on the reality of people’s financial situation and their aspirations for their financial futures.