Shoppers Urged to Budget their Stretched Cash
More people this year have no spare cash as the current economic pressures put a strain on budgets, a new survey reveals.
The poll revealed 27 percent of the nation has no spare cash after purchasing essential items or paying off bills, the Consumer Confidence Survey by Nielsen Company and the British Retail Consortium (BRC) shows.
This proportion is six points higher at the end of 2010 than it had been a year earlier, and the highest since the survey began in 2005.
“There is no doubt that many consumers are under a lot of financial pressure and little wonder why over a quarter feel they have no spare money what-so-ever,” commented Chris Morley, Nielsen UK & Ireland group managing director.
“A significant and permanent strengthening of consumer confidence is clearly some way off,” added Stephen Robertson, British Retail Consortium director general.
The main concerns surround the increased expense of utility bills, with record petrol prices, rising fuel bills and food prices also feature highly, followed by jobs and debt.
Fewer people claim they are spending their disposable income on holidays and other luxuries such as clothes, home improvements, new technologies and investments. The majority appear to be paying of credit card debts with spare cash instead.
Tips to Free Up Spare Cash
The key to having more spare cash can sometimes be as simple as budgeting your spending more effectively.
A prepaid credit card UK can help you do this, as unlike a credit or debit card, it does not have an overdraft facility, so you cannot spend more than you can afford, or over the budget you loaded onto the card.
If you stick to a strict budget for the essentials, you may have more cash left over at the end of the month than you initially thought.