Karim Haji, Head of Banking, KPMG UK, comments on IHS Markit's Household Finance Index.
Responding to IHS Markit’s Household Finance Index, which today found that perceptions of financial wellbeing registered its lowest reading in almost a year, Karim Haji, Head of Banking, KPMG UK, said:
“UK consumers are clearly feeling anxious when it comes to their finances and that is playing out in what we’re seeing in the banking market. Credit card borrowing declined in December while a lot more money flowed into instant access savings accounts - no doubt encouraged by some competitive savings rates coming to market.
“It seems like consumers’ nervousness around their finances is starting to drive some more prudent behaviours. I hope that the retail banking market can step-up to the challenge and offer products that ensure people recognise the value of saving.”
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