Personal finances in Yorkshire are improving, survey finds

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19th May 2015 10:28 - Financial Services

A recent survey, by insolvency industry body, R3, has revealed that 25 per cent of adults in Yorkshire anticipate that their personal finances Personal finances in Yorkshire are improving, survey findswill improve in the next 6 months.

As well as this, just 1 in 5 think that they will have less money coming in, in 6 months’ time.

The report found that ‘economic pessimism’ was at a record low, as just 16 per cent of British adults are expecting their personal finances to worsen in the coming months. In comparison, 26 per cent of the respondents expect their finances to get better.

However, the survey did find that worries about personal debt remains prominent.

Committee member of Yorkshire R3, Chris Wood, said of the survey: “The improving economy is finally starting to affect how British adults see their own personal finances. It’s taken a while, but the personal finance picture is finally looking up after years in the doldrums.”

“However, the number of people with debt worries or repeated financial struggles remains a source of concern.”

Of the respondents from Yorkshire, 40 per cent said that they were concerned about their debts, a figure marginally lower than the national figure of 46 per cent.

47 per cent of those in Yorkshire said that they struggle to make their money last through to payday, a figure higher than the national average of 41 per cent.

Of those in Yorkshire, credit card debts were the most common cause for debt concerns.

Also, of those who struggle to make their money last until payday, the most common factors blamed were: the rising cost of living, food prices, energy bills and transport bills.

Wood added: “Despite increasing economic optimism, there is a group of people who consistently struggle from week-to-week or month-to-month.

“Although falling inflation should ease cost of living problems, relief is only coming after years of prices rising far faster than wages. It will take a while before families can regain some financial breathing room.”

He continued: “It’s all too easy for financially vulnerable people to get caught in a debt trap where debt is needed to finance other debts, leading to a vicious cycle from which it is very difficult to break out of without help.”

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