Eurozone crisis impacting on personal finances

Eurozone crisis impacting on personal finances

Eurozone

58% of British consumers are concerned that the continuing Eurozone crisis will have a negative impact on their own finances, according to uSwitch.com.

Meanwhile, 48% are worried about the crisis having a negative effect on their employer.

According to the research, 9% think that the Euro will recover. 64% think that it will continue, but with fewer countries, while 16% think it will be disbanded altogether.

But if Greece was to exit the Euro, 71% are worried about the impact on the UK economy, while 43% are concerned about the instability of UK banks.

29% would be worried about the value of the pound, and 8% are even concerned about their job security.

The overwhelming majority (86%) agree that Britain was right not to enter the Euro. And with the crisis deepening, just 6% think Britain should ever consider joining it. Meanwhile 10% say Britain should think about joining if the weaker countries leave, although overall 84% believe Britain should never consider it.

“The dark clouds have been massing for some time now and the future of the Euro and the Eurozone is uncertain,” said Michael Ossei, personal finance spokesperson at uSwitch.com.

“While Britain isn’t directly in the path of the storm, consumers are still concerned about the damage that could be left in its wake. Many are already looking at the potential impact to both themselves and their employers.

“With such uncertainty in the air, it’s important that consumers batten down the hatches and take better control of their own budgets.”