UK savers are emerging from the recession with more financial awareness than they had going in, a newly released Lloyds TSB research study has said.
Findings indicate that the use of savings products, such as fixed-rate bonds and ISAs, has the strong possibility of increasing in the coming months.
The Lloyds survey found that at 57 per cent, more than half of all banking customers in the UK have higher levels of confidence in their financial management skills. This figure has only increased in the aftermath of the global banking crisis and resultant worldwide recession.
The 57 per cent figure roughly correlates to approximately 27 million UK consumers. The indicated increase in their confidence regarding issues surrounding money has led to a tighter grip on finances for many. To that effect 32 per cent of respondents stated that their level of control of their own money has increased in comparison to pre-recession figures.
The personal and business bank account provider’s survey results also indicated more evidence towards heightened financially responsible behaviour. At 34 per cent, more than one out of every three surveyed stated that did not have to rely on any overdraft on their accounts. Again this indicates that people are planning their spending much more accordingly than they did in years past.
Not all recent news has been positive, however. Research recently conducted by Lloyds competitor Barclays has indicated that the UK consumer population is poised to spend nearly £49 billion throughout the Christmas shopping season.
The Barclays study indicates that spending is actually on the rise in comparison with last year’s festive period spending. 2009 figures were eight per cent less in regards to the amount of money customers spent.
Many industry experts fear that despite the positive news from Lloyds a large percentage of UK consumers will be running up high levels of debt before the beginning of the new year.