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Consumers’ financial wellbeing ‘at all-time low’
16 February 2009
A 12-year study by Alliance Trust has found that consumers are facing the worst financial conditions since the study began.
The Financial Reality Index – a measure of how well off consumers are – deteriorated significantly in the final quarter of 2008, falling to 34.5 from 43.4 in the third quarter.
To compile the index, Alliance Trust considers changes in the UK economic background as well as households’ budgets and net wealth, to give a picture of how consumers are faring.
The index has now been in decline since mid-2007.
A spokesperson for debt management company Gregory Pennington said: “These figures put consumers’ financial difficulties into perspective. With incomes shrinking and debts growing, many people face a difficult year.
“We advise people to be extremely cautious with their finances, and anyone who finds themselves unable to meet their commitments should speak to an expert debt adviser immediately.”
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