Good evening / 04.12.08
Corporate Solutions
Corporate Solutions
01 October 2007
A quarter of all UK consumers have become more concerned about their own financial situation in the aftermath of the Northern Rock crisis, according to independent research commissioned by credit reference agency Callcredit*.
The over 55s are the most concerned group with 31pc of those surveyed increasingly worried about their financial health. Conversely, over half (53pc) of 18 – 24 year olds said that they were no more concerned now than prior to Northern Rock’s troubles.
Owen Roberts, Head of Callcredit Consumer comments: “The Northern Rock crisis and the credit crunch have clearly shaken consumer confidence, particularly among the over 55s. It is understandable that this group, who are more likely to have spent time building up a nest egg, would be the most concerned as it was a panic over savings that was hitting the headlines. Interestingly few people aged 18 – 24 said that their financial concerns have increased which may be symptomatic of these people relying more on borrowing than on savings.
“The most important thing for people to do is to take control of their finances. We urge consumers not to panic but instead to take a good look at their current financial status by reviewing their credit report”.
Londoners’ views on their financial situation have changed the most dramatically since the Northern Rock situation came to light with 31pc stating that they are more concerned now than before – almost double compared to the number of Scots who are the least perturbed with only 16pc saying that their views have been negatively affected over the past few weeks.
* Results of independent study carried out by YouGov on behalf of Callcredit
29pc of consumers in the North West are more concerned about their own financial situation in the aftermath of the Northern Rock crisis
23pc of consumers in Yorkshire and the Humber are more concerned about their own financial situation in the aftermath of the Northern Rock crisis
26pc of consumers in the East Midlands are more concerned about their own financial situation in the aftermath of the Northern Rock crisis
29pc of consumers in the West Midlands are more concerned about their own financial situation in the aftermath of the Northern Rock crisis
29pc of consumers in the East of England are more concerned about their own financial situation in the aftermath of the Northern Rock crisis
31pc of consumers in London are more concerned about their own financial situation in the aftermath of the Northern Rock crisis
24pc of consumers in the South East are more concerned about their own financial situation in the aftermath of the Northern Rock crisis
23pc of consumers in the South West are more concerned about their own financial situation in the aftermath of the Northern Rock crisis
19pc of consumers in Wales are more concerned about their own financial situation in the aftermath of the Northern Rock crisis
16pc of consumers in Scotland are more concerned about their own financial situation in the aftermath of the Northern Rock crisis
For further press information contact: Jane Fordham, Katie Moore or Sophie Smith at the Callcredit Press Office on 0207 067 0600 or callcreditpr@golinharris.com
