Crunch-hit Brits `not panicking`

6 August 2008

Despite the current economic slowdown, British consumers are maintaining "a stiff upper lip" regarding their finances, according to a study.

Research released by Mintel has found an increase in people describing their situation as "getting by" even though things are "tight". While 25 per cent agreed with the statement in 2006, the figure has jumped to 39 per cent.

Meanwhile, the number of people who consider themselves "comfortably off" or "managing easily" has decreased, from 64 per cent two years ago to 51 per cent now.

Senior finance analyst at the intelligence provider Toby Clark said: "The good news is that the vast majority of people can still afford to make ends meet.

"But there has clearly been a deterioration in people`s perception of their financial situation over the past two years."

Mr Clark said increasing interest rates and living costs are affecting the British public.

In another report by Mintel, falling house prices are causing a decline in consumer confidence in their financial security.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).