Public more optimistic about finances

Published on

People are feeling more optimistic about the future, as the cost-of-living crisis eases and the young are less pessimistic about their finances, according to a survey carried out by the Family Building Society before the General Election was called.

That said, many are still worried about the impact of political instability both in the UK and abroad as a threat to their financial wellbeing. The survey of some 2,300 society members also showed a slight increase in financial help being given to the young by family members and are less worried about investment returns than a year ago.

Compared with the Spring 2023 survey, members’ children are less pessimistic about their own financial wellbeing, although some 35% feel there is no change year on year. In addition, they are benefitting from slightly more financial assistance from parents up from 36% to 40%.

Over 35% also believe house values will continue to rise in their local area but the majority are predicting that house prices will remain broadly the same.

Alistair Nimmo, director of marketing at the Family Building Society, said: “While people are worried that instability caused by events in the Middle East and the war in Ukraine remain a threat to their financial wellbeing, they are feeling more optimistic as the cost of living crisis eases.

“However, the majority, over 60% do not expect the UK economy to perform any differently over the next six months although a small number think it will grow.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Leeds launches 98% LTV mortgage aimed at widening access for first-time buyers

Leeds Building Society has introduced a new 98% loan-to-value mortgage designed to help more...

Uinsure secures exclusive Lloyds Bank General Insurance panel deal for advisers

Uinsure has added Lloyds Bank General Insurance to its home insurance panel in an...

Clydesdale cuts selected residential product transfer rates

Clydesdale Bank is reducing a range of residential product transfer fixed mortgage rates from...

Foundation shows how revised Property Plus criteria unlock Scottish buy-to-let purchase

Foundation has highlighted how enhancements to its Property Plus proposition helped a broker secure...

HLPartnership sets out leadership transition as Chris Tanner steps back

HLPartnership has announced plans for a leadership transition that will see BetterHome Group chief...

Latest publication

Other news

The AI questions the mortgage industry needs to ask – and address

Everyone in the industry is talking about artificial intelligence, but mortgage tech boss Zahid...

Leeds launches 98% LTV mortgage aimed at widening access for first-time buyers

Leeds Building Society has introduced a new 98% loan-to-value mortgage designed to help more...

Uinsure secures exclusive Lloyds Bank General Insurance panel deal for advisers

Uinsure has added Lloyds Bank General Insurance to its home insurance panel in an...