The May consumer confidence findings from market research agency, British Market Research Bureau reveals:
At present just over 1 in 10 (11%) adults aged 16-64 feel financially secure. 42% say they do to a degree and just under half (46%) feel that they do not really/definitely do not feel secure.
Respondents living in Wales feel less secure than respondents living in England and Scotland. Only 38% of adults living in Wales say they feel secure (definitely or to a degree) compared to 53% in England and 57% in Scotland.
Job security has remained consistent over the last 3 months.18% of employees feel insecure in their employment; they will either definitely not or probably not have the same job in a year?s time.
A quarter of adults aged 16-64 are likely to either move home or start the process of moving home/buying home in the next 3 years.
This figure remains at a similar level to last month. 46% of respondents aged 16-24 are hopefully they will be able to make such a move.
Expectation of house value remains the same as April, with just under a third (31%) expecting a rise over the next year. This compares to just over a fifth (21%) in March.
Respondents living in Scotland are much more optimistic than respondents in England about the expectation of a rise in their house value.
More than three in five respondents (61%) in Scotland expect a rise compared to just over a quarter (28%) of respondents living in England.
The May results show that 72% of adults have cut back on purchases recently due to the current economic climate. This month, women (75%) are more likely to have made cut backs than men (69%).
Respondents aged 16-24 are the least likely age group to have made cut backs, with just 62% in this group saying they had made any cut backs.
Expenditure on basic necessities
Expenditure on basic necessities has decreased this month, with only 57% saying their expenditure had increased compared to over two-thirds (67%) last month.
64% of respondents in Scotland said their expenditure had increased compared to only 45% of respondents living in Wales.
Likely future expenditure
37% of all respondents will ?definitely not? be spending ?3000 or more on a single item of expenditure in the next 12 months.
Likelihood of ?3000+ expenditure in the next 12 months has remained consistent to last month, with a fifth expecting to make such a purchase. In October just under two-fifths (38%) expected this level of expenditure.
Perhaps not surprisingly, social grade ABC1s (26%) are more likely than social grade C2DEs (14%) to think such a purchase might be likely.
First thing to cut back on if the financial situation worsened
31% of all respondents would cut back on holidays if the economic climate deteriorates further and a further 29% said they would cut back on eating/going out.