BANK ACCOUNTS

Brits concerned about finances for 2012

Less than half of Brits are feeling confident about their finances over the next 12 months, new research has revealed.

2011 has been a tough year for many people, as the cost of fuel and energy, as well as essential items, has continued to rise.

This has led to a bleak outlook for 2012, with only 47% of people feeling confident about their financial situation, with just 3% of people saying they feel very confident.

Research has also found that four out of ten people will be financially worse-off in 2012, with almost half of us seeing our disposable income reduced.

Michael Ossei is a personal finance expert at uSwitch.com, which carried out the research. He said: “2012 looks set to be another difficult year with consumers already geared up to cut back, curtail spending and try to clear outstanding debt.”

The research also found that people are feeling the pinch of last 12 months, with banks accounts being squeezed. It was found that half of Brits feel financially worse-off than they did a year ago.

“With disposable income being squeezed, the New Year is a great time to get household finances in order to try to start the next year in the best financial shape possible,” Mr Ossei added.

“Taking control of your budget, stripping down living costs and making sure you're not paying too much for your household bills will free up more disposable income and potentially allow you to save for the future too.”

The start of the 2012 looks set to be a worrying time for people up and down the country, as the survey found that many consumers will be concern about their finances.

More than three quarters of people are concerned about the rising cost of living, while almost two thirds are worried about household bills.

Tags: 2012 economy, BANK ACCOUNTS, Brits finances, economy crisis