Britons 'Save More' In Anticipation Of Enduring Recession

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Half of British consumers believe the U.K. will still be in recession by the end of 2010, while over two-thirds are adjusting their spending to save money, according to a new survey.

The latest Nielsen - British Retail Consortium (BRC) consumer confidence survey showed more people feeling positive about their job prospects and personal finances, while the level of personal debt is the biggest worry over the next six months, closely followed by the economy and increasing utility bills.

Concerns over debt levels resulted in 69% of people saying they put any spare cash into improving personal finances - 40% said they were increasing their savings, 29% said they were paying off debts.

"The number of people saying they are saving is at the highest the survey has ever recorded and people remain very concerned about the amount of debt they are shouldering," commented Justin Sargent, Managing Director of Nielsen Consumer U.K.

Half of British consumers believe the U.K. will still be in recession by the end of 2010, while over two-thirds are adjusting their spending to save money, according to a new survey. (Market News Provided by RTTNews)