Households Finances Deteriorate As Debt Levels Rise

A survey of 1,500 UK adults by financial information service Markit has revealed that 40% of households saw their financial situation worsen between July and August.  The survey also revealed that household finances worsened at the fastest rate since 2009 due to a combination of rising debt levels and falling income.

Whilst all income groups and demographics showed a deteriorating financial situation, there was a clear geographical disparity with the fastest rates of financial deterioration coming in the three northern regions.

Senior Economist at Markit, Tim Moore, said “Recent events have made a week seem a long time in economics and August's survey is the first sign that the slew of downbeat headlines has knocked consumer sentiment.”

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