UK feels “worse off” now than in 2007
Ten years on from the onset of the global credit crunch, millions of people are still enduring financial pain, according to GoCompare.
GoCompare’s State of the Nation – 10 years on research study looked at people’s attitudes towards finances a decade after the global downturn.
The study paints a picture of a lack of job security, increasing wealth disparity and a reliance on credit to make ends meet.
The study of around 1,800 British adults, conducted by research company Bilendi this July, found what the UK’s biggest anxieties were for the next 12 months.
The study found 46 percent of the UK’s population feel worse off now than they did in 2007.
It also found 15 percent were worried about repaying their credit cards and unsecured debts whilst 11 percent were worried about not being able to afford their rent or mortgage payments.
The struggle to make ends meet was illustrated in the study with 10 percent of those surveyed admitting to holding more personal debt than they did before the credit crunch.
As a result, 26 percent of people are worried they will be hit particularly hard financially if there is another economic downturn, with 24 percent admitting to not having the safety net of an emergency-fund.
A third of people believe part of the reason the UK hasn’t learnt any lessons from the last credit crunch is because financial institutions are still encouraging people to borrow more than they can afford to repay.
Matt Sanders, of GoCompare, said: “The problem of rising costs for goods and services and stagnant wages has been widely reported in the media, with the government committed to helping people it has identified as ‘just managing’.
“While squirreling away savings may be impossible for those finding it difficult to make ends meet, there are some simple and effective measures people can take to save money on essential household bills.”