Double dip heightens Brits’ finance fears

Double dip heightens Brits’ finance fears

recession

New research from MoneySupermarket.com has highlighted people’s worries following the news of the UK economy falling into a double dip recession last week.

37% said they were more concerned about their financial situation as a result of the recession, while a further 14% said it will make them cut back on non-essential spending.

18% say they will look for ways to make their money to go further. Only 16% said the news of a recession won’t impact them at all.

Kevin Mountford, head of banking at MoneySupermarket.com, said: “It comes as no surprise that many Brits are nervous following the news that Britain has edged back into recession, the first double dip since 1970. This combined with the surprise rise in inflation in March will have also impacted UK households struggling to cope with rising costs of living and lack of pay increases.”

A report from MoneySupermarket at the start of 2012 asked consumers which areas of their finances they were most concerned about this year. The report revealed that consumers are 10 times more concerned about the cost of utility bills this year than they are about meeting their monthly mortgage payments.

43% said this was their biggest financial worry, while 4% said their mortgage was their biggest financial stress. The rising cost of food (34%) and petrol (33%) also ranked in the top three concerns, over double that of concerns around being made unemployed or finding a new job (16%) or not being able to save money (16%).