Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • July 2017
07

Consumer confidence falls back to post-Brexit vote low

Open-access content Friday 28th July 2017 — updated 5.50pm, Wednesday 29th April 2020

The UK population’s feelings about current and future economic conditions have fallen back to levels last seen in the immediate aftermath of the Brexit vote.

2

That is according to the market research institute GfK's latest Consumer Confidence Index, which, based on several key indicators, gives the UK an overall score of -12 for July.

This is two points lower than in June, and the same tally recorded 12 months ago, making it the joint-worst score given to the UK since it decided to leave the EU.

"The economic picture across the UK remains confusing and this mood is reflected in the score, but all bets must now be on a further drift downwards in confidence," GfK head of market dynamics, Joe Staton, said.

"Yes, employment is booming, but wages have fallen in real terms since 2008 once inflation is taken into account, and the household savings ratio is now at a record low."

How consumer confidence has changed over the last 12 months is shown below:

How consumer confidence has changed over the last 12 months

Conducted on behalf of the EU, the research involved a survey of 2000 individuals aged over 16 at the start of July.
The biggest reason for the fall in the overall index score was a decrease in sentiment towards the general economic situation over the last 12 months, which fell by six points to -31.

Expectations for the next 12 months also decreased by five points to -28, while the index measuring personal finances fell by one point to -2, as did the major purchase index.

This comes on the same day Lloyds bank released a report showing that, although 80% of consumers are positive about their own job security, only a third feel good about the country's financial situation.

It also shows that 60% are concerned about current levels of inflation, however, this drops to 54% for homeowners and rises to 71% for renters - suggesting tenure is a significant factor.

"The difference in sentiment towards the country's financial situation points to a lingering consumer unease about the broader outlook," Lloyds Bank, head of personal current accounts, Emma Greenwood, said.

"Even though inflation dipped a little in June, prudent households will want to take stock of their finances and ensure they are prepared for a greater squeeze on their spending power."

Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession
This article appeared in our July 2017 issue of The Actuary.
Click here to view this issue
Filed in
07

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Deputy Head of Capital Modelling

London (Central)
£110000 - £130000 per annum
Reference
144789

Head of Analytics (Actuarial)

London (Central)
£130000 - £165000 per annum
Reference
144788

Pensions Actuarial Analyst - GMP Equalisation

London (Central)
£ dependent upon experience
Reference
143745
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ