Twice as many British households are deemed ‘financially vulnerable' as ‘financially secure', while more than half of households have experienced financial difficulties in last twelve months, a global survey has found.
The study, by global mortgage insurer Genworth, of financial consumer sentiment - including Great Britain, France, Germany and a number of other European countries - indicates the number of financially vulnerable households in Britain continues to rise with 22% (2012: 21%) now deemed ‘financially vulnerable' and just 9% considered ‘financially secure', this is less than half the number in 2007.
The report - based on a thousand consumers in 20 countries - shows that Great Britain has twice as many financially vulnerable households as those classed as financially secure, however it continues to outperform its traditional economic neighbours and has maintained its European placing.
GB placed fifth on the European table ahead of both France and Germany but lagged behind the Nordic countries. Britain's 9% of financially secure households compares favourably with Germany (10%) and France (6%) but again is bettered by the Nordic countries which have an average of 14%.
51% of British households -- say they experienced financial difficulties at least ‘sometimes' in the past 12 months. This type of pressure was more keenly felt by those under-55 (63%) than those over-55 (33%).
Simon Crone, Vice-President - Mortgage Insurance Europe at Genworth Financial, said: "Despite all the upbeat economic data and the growing positivity around Britain's economic recovery it's still obvious there is a wider ongoing trend towards households feeling more financially vulnerable than financially secure. Consumer confidence is lagging some way behind the recovery and, perhaps unsurprisingly, great swathes of British households are feeling less secure than they were pre-2007.
"The positive news is that Britain has kept up with its European neighbours and continues to place above both Germany and France. The number of UK households who feel financially secure has risen slightly, however we are still a long way from getting back on an even keel.
The full Genworth Index: Measuring Consumer Financial. Security and Vulnerability is available on the Genworth website.
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