Legal & General: Brits have uneven reactions to economic uncertainty
www.moneynews.co.uk > General finance > Legal & General: Brits have uneven reactions to economic uncertainty
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Money News |
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Legal & General: Brits have uneven reactions to economic uncertainty
Fri 29th Feb 2008
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It revealed that 25 per cent of 18 to 24-year-olds are "in the mood to spend", but only 17 per cent of 45 to 54-year-olds feel the same.
The 56 to 64 age group was the least likely to want to spend money at the moment, with an 18 per cent drop in the number of people of that age looking to splash the cash.
Julia Clayworth, Legal & General's wealth management head of marketing, suggested it may be the case that "the older generation have a clearer memory of previous recessions and are acting cautiously as a result of this".
She said that although people were becoming more cautious in their spending, they have not yet changed their financial behaviour significantly.
"It will be really interesting to see next month's results which will be taken after the recent stock market volatility and see if this has filtered down to people’s spending behaviour," she added.
Legal & General recommend investing in a savings plan now to create a financial safety net, in case recession does take hold.
Recently, national money education charity Credit Action said that Brits are finding it increasingly difficult to manage their finances and warned " as inflation kicks in, people find that more of their take-home salary is taken up paying for day-to-day expenses".
Related News : General finance |
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Related News : Legal and General |
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