Confidence in UK economy falls but personal finances looking strong

31st July 2015


Confidence in the wider economic outlook dipped this month but Britons are upbeat about their prospects for their own personal finances.


Worries about Greece and the global economy and the impact they will have on the UK economy has pushed GfK’s Consumer Confidence Index down this month, with the index dropping from five points to minus one.


However, wage increases and low inflation mean consumers are confident about the prospects for their own personal finances in the next 12 months. The personal finance part of the confidence index increase one point to six this month, four points higher than in July last year.


Taking sentiment for the wider economy and their personal finances into consideration, the index has seen the overall score fall three points to four after climbing to seven in June.


Joe Staton of GfK said: ‘Concerns about the general economic situation in the UK for the next 12 months appear to be weighing heavily on consumers’ minds at present.


‘In part, driven by anxiety over the potential Grexit melt-down and global uncertainty, consumers are feeling less secure about wider economic prospects for the country as a whole this month.


‘However, on a more personal level, consumers remain resolutely upbeat about their own financial situation for the coming 12 months. Overall, despite this month’s dip, the underlying message is strong.’


Earlier this week, official data from the Office for National Statistics revealed


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