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Consumer tighten spending as 11% struggle to pay bills
People are becoming "more cautious" with their spending in the face of the current economic downtown, Legal & General Wealth Management has said, as new figures from the company show 11 per cent of people cannot afford to pay their bills and debts.
The firm's survey found that consumers are "exercising caution" with their spending, with 20 per cent of women and around 25 per cent of men saying they were in the mood to spend money in February, compared to 40 per cent and 30 per cent respectively in December.
However, it said the current economic downturn was having no "uniform impact" on consumers. Older consumers are tightening their purse strings - there was an 18 per cent drop in the mood to spend among 55-64 year olds - while 25 per cent of 18 to 24-year-olds said they were in the mood to spend.
Yet, for some, current economic turbulence appears to be having an effect, with 11 per cent saying their income no longer covers their bills and debt repayments.
One option for people struggling to manage their debts is a debt consolidation loan, which converts outgoings into a single monthly repayment.
Legal & General Group offers financial services to consumers in the UK, France, the Netherlands, Germany and the United States. It has around 5.75 million customers.