The latest survey from Family Building Society shows more than two thirds of members expect the economy to slow, with rising energy costs and taxation among the biggest concerns.
The Society’s members are increasingly pessimistic about the outlook for the UK economy, with many expecting conditions to weaken over the next six months as the cost-of-living crisis and rising energy prices continue to squeeze household finances.
More than two thirds of those questioned expect the economy to slow, while just 3% anticipate growth. Most respondents (70%) cite the cost of living as the biggest threat to their financial wellbeing, and half say they are also concerned about increased taxation.
More than 70% also believe the government should step in to help people meet rising energy costs, which respondents say are placing significant pressure on household budgets. Direct financial support was the preferred option for 45% of respondents, while 40% backed extending the current price cap beyond the end of this month. Other suggestions included temporarily cutting fuel duty and increasing public transport subsidies, with one member asking the government to “help businesses and food producers to help avoid job losses and food insecurity.”
The events in West Asia also cause concern for members, with one member saying, “The longer this war continues the worse the effect on everyone's financial situation.”
Alistair Nimmo, director of marketing at Family Building Society, said: “The cost of living, and the prospect of further rises in energy bills, is hitting households across the UK hard. Our members’ concerns about the economy reflect the mood of many people across the country.
“Although many respondents are broadly satisfied with their current financial wellbeing, they believe the Government should do more to help people manage rising energy costs. They want clear, immediate financial support for households and businesses facing higher bills to help protect the wider economy.”
