A new report by Yorkshire Futures, “Tracking Perceptions of Personal Finances in Yorkshire and Humber - Finance Focus 4,” suggests that the extreme pessimism seen in early 2009 has moderated and the optimism seen in the autumn survey has been maintained.

The research was based on an online survey of over 2,000 people in Yorkshire and Humber. This latest Finance Focus Citizen’s Panel analysis was completed by Acxiom Ltd and Yorkshire Futures. 

At the time of the survey, in December 2009, most people rated economic conditions as poor or very poor but there were also some grounds for optimism:

• There has been a slight increase from previous surveys in the number of people who feel their financial position has not deteriorated over the past 3 months
• As in the September 2009 survey, 29% of people expect to be better off in the next 12 months, a significant rise since early 2009 surveys
• Most respondents feel confident in having a job in the next 12 month
• Of those respondents who have applied for a mortgage in the past 6 months, the majority have successfully secured finance
• There are signs of improvement in personal financial conditions, 60% of respondents said that their bank balance has increased or stayed the same
• No increases in debt levels are apparent despite the survey being carried out in the run up to Christmas. 

Clare Johnson, Director of Yorkshire Futures, commented, “The extreme pessimism about the economy has now moderated and the improvements in perceptions in our September survey have been confirmed. However, concerns about job security and rising costs continue to make people cautious in their spending.”

Recent research on business perceptions by Yorkshire Forward and a number of other English RDAs show tentative optimism among businesses in the region. Over the next 12 months, a positive balance of 4% of businesses across the region feel that the business climate in which they operate will improve, slightly more positive than the 2% across England. In comparison the spring figures were much more negative -13% across the region and -14% across England. 

Talking about the research, Patrick Bowes, Chief Economist at Yorkshire Forward, said
““The report is an important barometer into how Yorkshire folk have dealt with the recession, what it means for them and how they see the next twelve months. The research gives a depth of understanding on how people in Yorkshire are paying down debt, consolidating household finances and planning for the future.  It is clear from the research that whilst household incomes have been squeezed in the last year, those surveyed expect their financial health to improve in the next year. The state of the economy still remains centre stage for most people with improvements in personal financial well being a reflection of careful budget management, debt repayment and willingness to save more.”

Similar Finance Focus surveys are being commissioned quarterly, jointly led by Yorkshire Futures and Yorkshire Forward, to provide more information on people’s perceptions of the economy and how it is affecting them.  The results will help to inform agencies like Yorkshire Forward in their work to support businesses and jobs.

The ‘Tracking Perceptions of Personal Finances in Yorkshire and Humber’ report and its summary are available to download below.

Finance Focus 4 report

Finance Focus 4 summary

The ‘Yorkshire Forward Business Snapshot Survey’ is available from

www.yorkshire-forward.com

ENDS
Note to Editors:
1. Yorkshire Futures is the region’s ‘Intelligence Network’. It seeks to help make Yorkshire and Humber a better place by bringing issues to the fore that need resolving; communicating solutions; and monitoring progress.
2. The survey and raw data analysis was completed by Acxiom Ltd in December 2009 and the full report and findings was produced by Yorkshire Futures in February 2010.
3. Yorkshire Futures have commissioned six surveys, asking opinions about respondents’ perceptions of the economy, financial circumstances and related behaviours. Participants are asked to commit and respond to surveys every quarter over an 18 month period. This will provide a stable panel of people from which views on relevant financial topics can be monitored and analysed.
4. For more information, please contact Bea Jefferson, Programme Manager, Yorkshire Futures on 0113 394 9694 email bea.jefferson@yorkshirefutures.com or Ian Aspinall, Communications Manager, Yorkshire Futures on 0113 394 9988; email ian.aspinall@yorkshirefutures.com