Jan 18 2008
Britons are becoming less engaged with the financial services market, it has emerged.
The proportion of individuals expecting to take out a new financial product in the coming months has fallen in the latest UK Financial Activity Bulletin produced by John Gilbert Financial Research (JGFR).
An estimated 16.4 million UK adults are now financially inactive - meaning they are not borrowing money, but are also not saving towards their retirement.
JGFR suggests that a gradual slowing in the amount of disposable income Britons have available has seen many tighten their belts.
Report author John Gilbert comments: "Borrowing intentions have been weak for some time.
"But the concern for many providers in this survey is the fall in savings intentions which will add to retail funding pressures."
The news follows a slump in consumer confidence to -14 on an index compiled by GfK NOP in December.
JGFR noted at the time that the figure represented a 12-year low, although the desire to save remained strong over the Christmas period.
