Four in ten think they will be worse off following the Autumn Statement
Despite the Chancellor hailing an era of economic growth, four in ten consumers (41%) believe that they will be worse off following this week’s Autumn Statement
Almost two thirds (65%) are concerned about the country’s finances following the Statement, while over half (56%) are worried about their own financial circumstances
Three quarters of Brits (74%) feel care for the elderly should have been tackled, along with payday loans (61%) and low savings rates (56%)
News that the state pension age will rise from 65 to 68 by 2030 received the most negative response from the public, with six in ten (59%) against it
73% of Brits say the Chancellor does not understand the financial fears of ordinary people and over two thirds (69%) don’t trust the Government to make the best decisions for their financial future.
Michael Ossei, personal finance expert at Uswitch.com, says: “Despite containing some good news, the Autumn Statement has left most consumers deflated. The focus on the economy might be good for the financial health of the nation, but it has left individuals still feeling under the weather. The recovery is yet to reach their finances.
“Consumers are disappointed that certain problems like care for the elderly and low savings rates were ignored, while tax evasion and rail fares were tackled half-heartedly. Increasing the retirement age so that many will now have to work until they are 70 was never going to win any friends even though most people understand the reasoning behind it. For existing pensioners, a rise of £2.95 a week to the state pension simply isn’t enough to help them cope with the spiralling cost of living. Even today another energy supplier has announced a price hike, which will eat into this small increase.
“But what is even more disheartening is that many consumers feel the Chancellor doesn’t understand their financial fears. Consumers don’t appear to trust the Government to make the best decisions for their financial future. This is why it is so important that consumers take ownership of their own finances and take action to improve them. The Government is working flat out to get the country’s budget back in order – now it’s time for consumers to do the same with their own.”
Table 1: Financial situation following the Autumn Statement by region
Table 2: Financial situation following the Autumn Statement by age
FOR MORE INFORMATION
Katherine Moss
Phone: 020 3021 5893
Email: katherine.moss@uswitch.com
Twitter: @uswitchPR
Notes to editors
Research carried out online with the Uswitch.com Consumer Opinion Panel on 5th December 2013 amongst a sample of 3921 GB adults
When asked ‘As a result of today’s Autumn Statement, do you think that you will be…?” 41% said ‘Worse off’; 45% said ‘The same’; 10% said ‘Better off’; 5% said ‘Don’t know.’
When asked ‘Following today’s Autumn Statement, how concerned are you about the following…?’ 34% said ‘Fairly concerned’ and 22% said ‘Very concerned’ in regards to their finances. This equals 56%. 38% said ‘Fairly concerned’ and 27% said ‘Very concerned’ in regards to the country’s finances. This equals 65%. 15% said ‘Fairly concerned’ and 12% said ‘Very concerned’ in regards to their job. This equals 27%.
When asked ‘Which of the following should the Government have tackled today, but didn’t?’ 74% said ‘Care for the elderly’, 72% said ‘Banker’s bonsues’, 61% said ‘Payday loans’, and 56% said “Low savings rates’
When asked ‘How do you feel about the following that were announced in today’s Autumn Statement?’ Responses were as follows:
| Announcement: | Top five points consumers agree with: | ||
|---|---|---|---|
| Increasing personal tax allowance to £10,000 from April 2014 | 81% | ||
| Cancelling the planned fuel duty increase | 77% | ||
| Extending the scheme which gives small firms relief from rates liability | 75% | ||
| Measures to tackle tax avoidance, evasion, fraud and error to raise more than £9bn over next five years | 75% | ||
| Keep average rail fares flat in real terms (increases in line with inflation not above) | 68% |
| Announcement: | Top five points consumers disagree with: | ||
|---|---|---|---|
| Increasing the state pension age from 65 to 68 | 59% | ||
| Scrapping NI contributions for under-21s | 36% | ||
| Introducing a new cap to welfare spend from next year | 30% | ||
| Free school meals for all infant children | 28% | ||
| Some of the money from bank fines going to military charities | 26% |
5. When asked ‘Do you think the Chancellor understands the financial fears of ordinary people?’ 73% said ‘No’; 18% said ‘Yes’ and 9% said ‘Don’t know’ 6. When asked ‘Do you trust the Government to make the best decisions for your financial future?’ 69% said ‘No’, 195 said ‘Yes’ and 125 said ‘Don’t know’
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