Families keep tight hold on purse strings – Households reign in spending amid fears of mass job cuts

Industry News | 17/08/20

Nervous British families are reining in spending as fears grow about mass job losses, a survey shows. Households have become gloomier about their finances this month and are ‘highly pessimistic’ about their prospects over the next year, according to information provider IHS Markit.

This coincided with people feeling less secure in their jobs and receiving lower incomes, prompting a rising number to take out credit facilities such as overdrafts and credit cards.

Source: ThisIsMoney