Some three-quarters of people surveyed by the Family Building Society expected the economy to slow down over the next six months fuelled by trade tariffs, worldwide political instability and the ongoing cost-of-living crisis.
Just over 90% of the over 2,600 members of the society who responded to the survey saw trade tariffs as negative with 75% stating they will force the Bank of England to cut interest rates by between 0.25% and 0.5%.
Over 40% said their personal financial situation will worsen with 28% expecting their pension and investment incomes to be negatively affected with 66% seeing that as a threat to their financial wellbeing.
Another 40% said their children and grandchildren are feeling pessimistic about their financial wellbeing over the next six months although the majority have not had to help out any family members financially over the past six months.
Even so, some 65% said they happy with their current financial situation.
Alistair Nimmo, Family Building Society director of marketing, said: “Our six-monthly survey of our members’ financial wellbeing continues to reflect a general mood of pessimism for the UK and global economies.
“Indeed, it is probably the most pessimistic our members have felt in the five surveys we have carried out to date.
“The threatened introduction by the USA of trade tariffs this spring has only added to the uncertainty facing everyone, particularly the personal finances of younger family relatives of our members.”
