Press Release
LONDONERS THE MOST HOPEFUL FOR A PAY RISE IN 2010 BUT ALSO AMONGST THE MOST WORRIED ABOUT JOB SECURITY
London, 7th December 2009 - According to the latest research from leading instant online credit information provider, Equifax, consumers from London and the South East are more optimistic about their finances in 2010 than those from any other part of the country. They are the most hopeful of a pay rise next year too!
But, according to the Equifax research, they are also amongst the most worried about job security. And that could be the reason why they are keen to make financial resolutions for the New Year to keep their debts and outgoings under control.
"Equifax is the sponsor of the Financial Resolution for London's New Year's Parade. We therefore wanted to find out how consumers from the region felt about their finances for 2010, compared to the rest of the country", confirmed Neil Munroe, External Affairs Director, Equifax.
"The North-South divide is often quoted, suggesting that consumers in London and the South East fare better than their friends in the North. But our survey suggests that the reality is somewhat different. Certainly the North East recorded the most consumers concerned about job security for next year. But London and the South East was close behind. And, interestingly, it was the Midlands where the least number of consumers said they were worried about their job for next year, followed by the North West and the Scottish."
When it came to financial resolutions, the North West ranked the highest with 66% of consumers from this region saying they would be making these, closely followed by those from Scotland at 63% and then London and the South East at 59%.
The top financial resolution right across the country is to reduce debts. But Londoners and those from the South East seem to be the most concerned about saving more in the coming year, with 51% of these consumers ranking this as one of their top three financial resolutions compared to a national average of 44%.
"The findings of this survey show that financial worries still weigh heavily on the minds of consumers right across the country" continued Neil Munroe. "With more than half of all consumers seeing an increase in monthly outgoings this year and 58% not getting a pay rise, it's not surprising they want to be able to manage their finances as well as possible in 2010. They also want to make sure they are getting the best deals with over a third saying that another of their resolutions for 2010 is 'shopping around for better deals'.
"Sponsoring the Financial Resolution for the New Year's Parade gives us an opportunity to remind consumers that it just takes a few minutes to check all their commitments for the year. Our message is 'Get your finances in order' and after the inevitable Christmas spending spree it will be even more important for consumers to know exactly what they have to repay so that they can avoid a real New Year financial hangover and get the best credit deals going forward. We believe getting a copy of their credit report is a key step in that process.
"Equifax's goal is to help consumers manage their finances by giving them the insight and control of their credit information. We make it easy for consumers to access their credit information online and we provide advice and support so that they can understand what they can do to ensure they have the best possible credit rating to get the best credit deals in the future. Now more than ever, consumers need to take stock of their finances and make sure they maintain a healthy credit file and we aim to get that message across through our co-sponsorship of the New Year's Day Parade."
ENDS
For further press information please contact: Elinor Puzey, Louise Fowler, Cecile Stearn or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: elinor@harrisonsadler.com