After several years in the gloomy financial doldrums, a recent survey suggests that households are now feeling more positive about their financial future. The survey, by financial information company Markit, used the Household Finance Index to determine attitudes to family finances, with the results showing the highest level of confidence in over three years.
As reported here by the BBC, the study, which included 1500 people in Britain, returned an HFI reading of 40.8 this June. This is the highest reading since 2010. However, it’s not all good news. Any reading below 50 still represents a noticed decline in the standard of living by families, showing that there’s still a long way to go before we get back to our pre-recession expectations.
So, while the financial future may not be glaringly bright, it does seem to be at least looking a little brighter – much like our elusive summer weather! If you’re feeling an increased positivity regarding your financial outlook, now may be a good time to do a financial health check, to gauge where the last few difficult years have left you.
Checking your credit score should be one of the first things on your list. It’s easy to do this online at a click. You can access your credit score and a credit report, when you sign up to a 30 day trial – making it easy to quickly health check your financial situation.
Once you’re armed with the results, you can take steps to improve your score if necessary, or think about what’s next for your financial future.
The survey also looked at workplace activity, and showed a slight fall from May to June in job security confidence. However, the fact that this figure has now been over 50 for five months running shows an overall improvement in confidence, with less people feeling insecure about their employment positions. This is very good news for families in the UK, showing that one of the main worries of the recession is becoming less of a concern.
Should you find your credit results are good, you may want to consider those purchases that have been put off during times of uncertainty. Perhaps you’ve been delaying getting on the property ladder, for example, or investing in new car? While you’ve certainly been sensible in holding off on making big commitments during turbulent times, if you’ve managed to maintain a good credit score and are feeling confident about your financial future, now may be the time to look at your hopes and plans going forward.
We may not quite be out of the dark times of the recession just yet, but indications show a sunnier forecast, for a brighter financial future for many.