Consumer confidence falls with election looming

Posted by Michael Bolt in Personal Finance on 7 May 2015 - Michael worked as a Credit Analyst at checkmyfile until 2015

Consumer confidence fell last month for the first time since December, according to the results of a new survey.

Research conducted by the polling organisation, YouGov, and the Centre for Economics and Business Research, shows that consumer confidence fell in April to 113.1 on their Consumer Confidence Index. This represents a decrease from March’s figure of 113.9 and is more than a percentage point lower than consumer confidence was this time last year, when the index was 114.2.

The figures come ahead of the General Election on 7th May 2015, perhaps in part affected by worries over the outcome of the election and the future direction the economy will take. The fall in the Consumer Confidence Index comes on the back of figures released by the ONS (Office of National Statistics) showing that economic growth had decreased in the first quarter of 2015 to 0.3% from 0.6% at the end of 2014.

YouGov’s survey also found that households’ financial situations have improved since the last election in 2010, although there is some ambiguity of the degree to which they have improved. Peoples’ situations have arguably got notably ‘less worse’ - rather than them improving radically.

The number of households saying that their financial situations have got better has risen from 8% in April 2010 to 11% in April 2015. Over the same time period, the number of people stating that their household financial situation has got worse also fell from 29% to 18% - meaning that more people feel that they are worse off, rather than better off.

The survey also found that rising house prices have helped people feel more positive about the value of their properties, which has been a driver of an increase in consumer confidence in the past five years. The percentage of homeowners who think that the value of their property has gone up has increased to 29% in April 2015 from 21% in April 2010.

Stephen Harmston, of YouGov, argued that while households’ financial situations have strengthened, they have done so from very a very low starting point, stating that, “As the GDP figures slowdown, it is clear that consumers still feel as though the recovery is fragile and that many of them are not feeling it in their wallets”.

Are Car Insurance Premiums Calculated Fairly?

Recently news stories have emerged alleging that a “John” might be more likely to get a cheaper car insurance quote than a “Mohammed”, and that someone with a Gmail account could be offered a lower premium than someone with a Hotmail email address.

Published on 12 Feb 2018 by Jamie Mackenzie Smith

Full Article

The Cost of Incorrect Information on Your Credit Report

Your credit file is compiled from a number of different sources, including payment history from each of your lenders (past and present) and public data as reported by local authorities and courts. The majority of people find that everything held about them is correct, but due to the large amount of information being shared, errors in the information reported can happen, which can lead to issues when you go to apply for credit.

Published on 2 Feb 2018 by Tom Blandford

Full Article

Your Guide to Open Banking

On 13 January, the UK banks embarked upon arguably one of the biggest changes to personal finances since the introduction of computers. Open Banking is aiming to make it easier for banks, lenders and consumers to access and share information, with a view to creating new products and opportunities through innovation and increased competition.

Published on 15 Jan 2018 by Jamie Mackenzie Smith

Full Article

HMRC Bans Credit Card Tax Payments

From 13 January 2018, it will no longer be possible for consumers to use a personal credit card to make a payment on HMRC’s Self-Assessment tax portal. Historically, this has been a popular option as it allows what is often a considerable sum to be deferred.

Published on 12 Jan 2018 by Tom Magor

Full Article

How to Get the Best Deal When Buying a New or Used Car

Buying a new car is both exciting and expensive, but if you know where to look and when, you can grab yourself a bargain. If you take a little time to look into finance or loan deals as well, you can bring down the overall costs significantly.

Published on 11 Jan 2018 by Kevin Pearce

Full Article

Are football clubs exploiting their fans

With Premier League teams under huge pressure to remain in the top flight of English football, the amount lavished on transfer fees and player wages have soared in recent years.

Published on 8 Jan 2018 by Sam Twyford

Full Article

What The 2017 Autumn Budget Means For First-Time Buyers

Wednesday’s autumn budget brought great news to would be first-time homeowners: if you’re buying a home up to the value of £300,000, you won’t have to pay stamp duty for the property. This, the Conservative Party estimate, will benefit 80% of first-time buyers, saving them potentially thousands of pounds on the total cost.

Published on 28 Nov 2017 by Jamie Mackenzie Smith

Full Article

Blacklists - Ten things you probably didn't know

1. Blacklists are not unlawful. No lender is compelled by law to give credit or to give any reason when declining credit. Each may consult several sources of information before making a decision, including any form of list that may exist. Any list containing personal data is automatically regulated by the Data Protection Act 1998.

Published on 9 Oct 2017 by Barry Stamp

Full Article

Is a credit building card a good idea

A credit building credit card is most often used by people that are either looking to improve their credit rating or take out their first credit card.

Published on 24 Mar 2017 by Kelly Luff

Full Article

Which Credit Report Information Can Landlords See

Whenever you rent a property, you will be required to pass some checks set by the landlord or letting agent to prove that you will be a good tenant and that you’ll be able to afford to rent the property.

Published on 7 Mar 2017 by Kevin Pearce

Full Article
keyboard_arrow_left

keyboard_arrow_right

We have loads of great customer reviews