Over half of Brits confident they will be accepted for a loan
Our survey has found that over half of Brits are confident of being accepted for a loan.
The poll revealed that 24 per cent of people in the UK are confident of securing a £15k loan, with 32 per cent feeling fairly confident.
Only seven per cent admitted that they didn’t think they would be able to be approved for a loan.
The study of 2,000 Brits also found that people aged between 35-54 are most confident when it comes to borrowing money, with 57 per cent believing they would be accepted for a loan.
This compares to 56 per cent of those between 25-54, and 53 per cent of people over 55. A relatively healthy 41 per cent of the youngest group, between 18-24, still felt confident of being accepted for a £15k loan.
The survey comes as real household incomes recover at an increasing pace, with data showing that average wage growth continues to outstrip inflation.
Earnings rose 2.1 per cent during December, 0.3 per cent higher than the previous month, according to the Office of National Statistics. This was well above the consumer inflation rate, which was 0.5 per cent in December and fell to 0.3 per cent in January.
The Institute for Fiscal Studies has also found that falls in inflation and unemployment, together with modest wage rises, have raised household spending power.
The IFS said average incomes in 2014–15 are around the same level as they were in 2007–08 – before the banking crisis.
As the economy strengthens, it is encouraging to see that people are becoming increasingly confident about their current and future financial position.
With the Bank of England predicting further economic growth as well as low inflation, the amount of disposable income in the pockets of UK consumers is now rising in real terms.
With this increased confidence more people are now considering spending money on things like a new car or renovating their home.
A considered increase in spending from UK consumers means further good news for the UK economy during 2015.