Slight improvement in financial confidence

Of this, three measures were up, one remained unchanged, and one was down in comparison to February’s announcement.  

According to the index, people’s personal finances remained unchanged during the last 12 months at -26, 13 points worse than during March 2022. Meanwhile the forecast for this over the next 12 months decreased to -21, which is three points lower than this time last year.  

In contrast, the measure looking at the general economic situation in the country over the last 12 months increased by three points to -62 – while the general economic situation is also expected to improve over the next 12 months, increasing to -40 – nine points better than in March 2022. 

Additionally, the major purchase index is up four points to -33 and the savings index is up two points to +21.  

GfK’s client strategy director Joe Staton said: “A small improvement in the Overall Index Score this month masks continuing concerns among consumers about their personal financial situation. This measure best reflects the financial pulse of the nation and it remains weak, with the figure for the coming year down three to -21 and an unchanged score for the past 12 months of -26.  

“Forecasts that headline inflation will fall this year have proved premature, given Wednesday’s announcement of an unexpected increase. Wages are not keeping up with rising prices and the cost-of-living crisis remains a stark reality for most.  

“The recent Budget will bring relief to some sections of the population, but for now many people are simply looking to survive day-by-day. Just having enough money to live right and pay the bills remains the number one concern for consumers across the UK.”