It has been reported following a recent study that Brits are still prepared to spend money and get into debt despite the fact that many are concerned about the state of the economy, government cutbacks, and the security of their own jobs. Officials have said that many Brits are failing to react to the current climate in terms of adjusting their financial habits.
When it comes to saving, spending, borrowing, and repaying money many Brits have not made any changes to their finances, and are continuing as they were prior to the global financial crisis and the recession. The study was carried out by High Street banking giant HSBC, and officials said that consumers were worried about the current climate but were not making financial changes to reflect this.
The study found that a massive 76 percent of consumers were concerned about the direction in which the UK’s economy was heading, and the same number of people were concerned about their own financial situations and prospects. However, 68 percent of people had not made any changes to their finances and how they handled their money.
In fact the survey also showed that although around 19 percent of consumers had cut their spending because of the economic climate a further 15 percent had actually increased their spending. Around 26 percent of people were willing to borrow money just as much as they had been before the global financial crisis. A further 5 percent were prepared to go into even more debt.
Tags: Banking, UK, consumers, state, giant, recession, banking giant hsbcAn official from HSBC responded to the findings from the survey, stating: “This suggests people either have their heads in the sand and do not realise the need to change, or that they have simply decide to stoically ride out the recession by refusing to alter their ways.”