Are you still hitting the shops despite money problems?
32% of British consumers are continuing to hit the shops with no cash. New study also shows that despite Britain's consumers’ confidence in the economy having improved from the last quarter to this one, it still remains lower than last year.
Those findings follow the same lines of another recent study which revealed that half of Brits think cash will become extinct and that one in eight people don’t carry cash at all.
Seven in ten people (71%) also said that they have also changed their shopping habits to try to save on household expenses; according to a new report released by the British Retail Consortium.
The majority of British consumers are already trying to save in their daily shopping, with 65% of those questioned switching to cheaper grocery brands.
According to the report, consumers' biggest financial concerns for the next six months will be related to their personal and household budgets. ‘Increasing utility bills' is the top concern, second only to ‘the economy' and thirdly the ‘increasing fuel prices'.
Unstable consumer confidence
As more people felt better now about their job prospects and personal finances, the results also reveal that the confidence of Britain's consumers rose last quarter (Q2).
In Q2, 19% of consumers (3% more than in Q1) said they were optimistic about their job prospects for the coming year. A majority of 73%, however, still remain pessimistic about job.
Personal finances are also a major concern among British people. While 35% (up from 29 per cent in Q1) see the state of their personal finances as positive; 60% of Brits feel miserable about theirs.
Given this situation, where most consumers worry about their personal finances, the more we learn about the different financial services available such as bank accounts or prepaid cards, the more stable our economy will be.