The public’s outlook in regards to their finances has reached a record low, it has been revealed.

In GfK NOP’s latest study of British opinions with regards to money, the overall consumer confidence index was shown to have fallen by five points over the course of July to stand at -39. Such a figure represents the lowest score ever recorded by the firm since it first began canvassing the nation’s fiscal views in 1974. June saw an overall index score of -34, in comparison to the -6 seen in July 2007.

A decline was noticed across all areas of the firm’s indices, with consumer opinion about their own monetary situation over the past year shown to have fallen three points from June 2008 to currently stand at -20. In addition, it appears that Britons are apprehensive about their prospective circumstances when it comes to money management, with the index monitoring opinions on their personal finances going down to -18.

People were also shown to feel less positive about the overall economic environment, with opinions on the nation’s general financial situation over the past year having fallen to -69. This is a decrease of three points from June 2008 and 44 from July 2007. Meanwhile views on Britain’s monetary standing for the next 12 months are at -52, down from the -13 recorded this time last year.

Following on from such diminishing opinions about their personal finances and the state of the economy as a whole, it could be possible that consumers find their capacity to meet various areas of financial constraint comes under further pressure. This could lead to struggles in managing household bills, mortgage payments, personal loans, credit and store cards and transport costs.

It was also shown that fewer people think that now is a good opportunity to save money, with this index falling by two points to stand at 20. Although this may be seen as a positive figure in a study consisting of many negative numbers, it indicates a drop of 22 points from data recorded in July 2007. Meanwhile, consumer opinion on whether or not this is a good time for major purchases has fallen to -37.

However for those looking to make such an acquisition – which could include a car or a house – applying for a loan might be recommended.

Donna Culverwell, of GfK NOP’s consumer confidence team, said: “With the cost of living still on the increase, the housing market in a depression and reports of possible further increases in energy prices, levels of confidence amongst consumers are not surprisingly low, especially amongst women or those over the age of 50. There seems to be little sign of any relief either; with the growing spectre of the UK going into recession, people are pessimistic and concerned about their future – reflected in the biggest drop this month being seen in people’s confidence in their own personal financial situation over [the] coming 12 months.”

Britons holding concerns about their ability to manage their money in the wake of such a negative economic outlook could be advised to consider getting a cheap loan. In obtaining a loan, it may be possible that spending can be supplemented effectively and various demands for payment met quickly. This could be particularly recommended after the Office for National Statistics revealed earlier this month that inflation was at its highest point for 11 years, with food prices shown to have risen by 10.7 per cent over the course of July.

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