According to the latest YouGov research commissioned by credit information provider, Equifax, over a third of Brits (35%) are very or fairly concerned about being able to meet their financial commitments in 2017. The new research also reveals that 30% think their financial situation will worsen next year; only 15% believe it will be better.
It is the lower paid workers that feel the least confident about getting a pay rise next year. 53% of those earning £5,000-£9,999 per annum and £10,000-£14,999 per annum do not expect to get a pay rise. Those earning £40,000- £59,999 per annum appear to be the most confident, with 54% expecting to get a pay increase in 2017.
With four out of ten Brits believing they will not receive a pay rise in 2017, it is probably not surprising that there is a lack of confidence in the economy as a whole. When asked what concerned them most about their financial situation for 2017, the state of the UK economy came top of the list at 26%, followed by the impact of interest rates falling on savings at 17% and having enough saved for retirement at 12%.
Lisa Hardstaff, Equifax credit information expert, said: “There’s no question that 2016 has been a significant year for the UK. So it is perhaps not surprising that people are concerned about the strength of the UK economy as we head into 2017. Although it is somewhat unfortunate to see that nearly a third feel their financial situation will be worse next year, it is positive to see that 46% believe it will stay the same. This means they are somewhat confident that they are not going to be in a worse position. 42% are going to review their current financial commitments in a bid to get better deals and save themselves some money.”
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