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”.

How interest rates are calculated

If you’ve ever applied for a form of credit, you may well have discovered to your cost that the advertised APR and the interest rate you’re offered if you are accepted can be very different things.

Published on 14 Jun 2019 by Richard Catlin

Full Article

The Importance of Proving Stability to Lenders

In addition to the key roles that your Credit History and Affordability play in determining whether or not you will be accepted for credit, we regularly talk about the importance of being able to demonstrate your ‘stability’ to potential lenders.

Published on 15 Mar 2019 by Sophie Regester

Full Article

If I Change My Name Can I Still Get Credit?

Legally changing your name is an increasingly popular thing to do in the UK: while getting married or divorced still makes up a large proportion of this, there is a growing trend towards people changing their name following civil partnerships, a change in gender, living in blended families, or simply because they’re seeking a change – the list is long.

Published on 22 Feb 2019 by Tom Magor

Full Article

Which Credit Report Information Can Landlords See

These days whenever you rent a property you may be required to pass checks set by the landlord or letting agent to prove that you will be a good tenant and that you’ll be able to reliably make rent payments to the property on time.

Published on 7 Feb 2019 by Kevin Pearce

Full Article

What Credit Checks Look For When You Switch Energy

As we get deeper into Winter, it’s inevitable that millions of consumers across the UK will end up using more energy and spending more on bills due to the colder weather and long stretches of darkness.

Published on 9 Jan 2019 by Jamie Mackenzie Smith

Full Article

Pros and cons of going paperless

Whether you are environmentally motivated or simply to get a discount for moving your billing online, you might find it makes sense to abandon paper for your business, if you haven’t already.

Published on 7 Dec 2018 by Kevin Pearce

Full Article

How To Get The Best Car Finance Deals

New car sales may have slowed in recent years, with the economy, emissions scandals and Millennials all being cited as the root cause at one point or another. But the number of people choosing to use credit as a means of driving away in a new car continues to rise, according to figures from the Finance & Leasing Association which shows that the new car finance market grew by 15% in July 2018 when compared to the previous year.

Published on 8 Oct 2018 by Kiah Phillips

Full Article

We're Now More Likely To Be Borrowers Than Savers

UK Households are now more likely to be borrowers than savers, with savings at their lowest since 1963, according to a study by the Office for National Statistics. Households are increasingly borrowing more – by taking out loans, car finance, and mortgages – than they are collectively depositing into savings accounts.

Published on 5 Oct 2018 by Sam Griffin

Full Article

The Credit Crunch 10 Years On: What’s Changed?

For many people, especially the those lucky enough to not have been old enough to be directly affected, the economic downturn of 2007-2009 seems like a distant memory. The first iPhone had launched a mere two months before the recession hit, and since then they’ve rebooted the Spiderman film franchise not once, but twice. But more importantly, has enough time passed for the borrowing/lending market to revert to its old tricks?

Published on 26 Sep 2018 by Jamie Mackenzie Smith

Full Article

The Limitation Act 1980 and Debt Time limits

The majority of credit consumers believe that once a debt has been acquired, that debt will remain until the full balance has been cleared regardless of the length of time passed. This may not be the case though, thanks to a little-known piece of legislation known as the Limitation Act 1980.

Published on 19 Sep 2018 by Erika Bone

Full Article
keyboard_arrow_left

keyboard_arrow_right

We are rated number 1 for customer service on