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Financial News: UK Households Financial Wellbeing Outlook Most Pessimistic

UK Households Financial Wellbeing Outlook Most Pessimistic In 6 Years

09/23/2019 - 09:55:00 (RTTNews)

(RTTNews) - British households were the most pessimistic in nearly six years regarding their future financial well being amid diminishing prospects for finding a job, survey data from IHS Markit showed on Monday.

The seasonally adjusted IHS Markit UK Household Finance Index (HFI)fell to a four-month low of 43.1 in September, down from 43.6 in August

The index measures households' overall perceptions of finance, and a reading below 50 suggest a stronger degree of negativity towards current finances.

The measure reflecting the outlook for finances dropped to its weakest since November 2013.

Sharper declines were witnessed in the appetite for major purchases, job security perceptions and financial wellbeing expectations.

"Latest data suggest that the robust performance of the UK labor market may not be sufficient enough to dispel the pessimistic financial outlook, which could ultimately see weaker consumption trends at a time where the economy hinges on domestic resilience," IHS Markit economist Joe Hayes said.

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