One in three (35%) Brits are “very” or “fairly concerned” about being able to meet their financial commitments in 2017, according to new research from Equifax.
The credit reference agency’s research also reveals that 30% think their financial situation will worsen next year, while only 15% believe it will be better.
In terms of getting a pay rise in 2017, 41% don’t believe they’ll get one. It is the lower paid workers in particular that feel the least confident - 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 meanwhile, appear to be the most confident, with 54% expecting to get a pay increase in 2017.
Commenting on the research, Lisa Hardstaff, Equifax credit information expert, says: “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.”
Looking at the regional picture, people in Wales are most concerned about their financial commitments in 2017 (46%), followed by 44% in London. Those living in the East of England seem most optimistic, with 72% saying that they are not concerned about the financial situation in 2017.
And when looking at the different age groups, it is the 18-24 year olds and the 35-44 year olds that are most anxious about meeting their financial commitments, with 42% in each group admitting their concerns.
Take action now
Nick Hill, money expert at the Money Advice Service comments: “If you’re worried about your money, it’s more important than ever to take action. Reviewing your budget and checking in on your spending is a good place to start. You can then think about whether there are any ways that you could find some spare cash and start to save.
“Saving will mean you have funds available to cover any unexpected costs or price rises. You can start saving small amounts and increase it when you can. For those who have missed a few utility bill payments or worried about debt, it is important to get help as soon as possible. The Money Advice Service Debt Advice Locator Tool will help you find free advice in your area.”