English Are The Most Apprehensive About Future Plans During Recession

18/9/09

New research by Yorkshire Bank has today (18th September 2009) revealed that people in England are the most worried about their future plans due to the current recession.

Yorkshire Bank’s quarterly Housebuyers Report found that 44% of those questioned in England and 42% in Wales have altered their immediate or future plans as a result of the current financial uncertainty.  Scots appear to be the most hopeful in the UK with 70% refusing to change any plans.

Those questioned in the north east of England appear to be the most apprehensive with more than half (57%) claiming their life plans have been altered due to the economic downturn.  The most optimistic part of the UK is the Highlands with only 26% of those surveyed expressing any concern over their future or immediate plans.

In England and Wales, 43% of those questioned have postponed plans to change jobs or career path as they feel insecure about the current job market.  A further 30% have cancelled plans to move home due to a lack of confidence in the housing market and 12% can’t afford to move out of their parents’ homes or buy their first home.  An additional 31% have also shelved plans to buy a new car. 

The report also found that the most worried age group appear to be those in their 40s with 48% expressing concerns over their future plans.  49% of people in their 20s are unable to move out of their parents’ home or buy their first home due to financial pressures and almost half of people questioned in their 40s and 50s feel unable to change job or career.

Gary Lumby, Head of Retail Banking for Yorkshire Bank, said: “Inevitably, the current economic situation has got people thinking twice about their long term plans, especially when it comes to big financial commitments.  

 ”When it comes to your long-term financial planning, the most important thing to do is seek advice from experts as there are a range of products which can help you to make the most of your savings.

“If you are worried about money it is also important that you seek help and we have a range of experts on-hand to help you find the solutions to your problems.”

Yorkshire Bank has a range of saving products.  For further information talk to a member of staff in your nearest Yorkshire Bank branch or visit www.ybonline.co.uk to find out more.”