comparethemarket.com launches "consumer manifesto" - revealing the UK's personal finance priorities for the next Government.
- More than 6,000 adults interviewed on their top personal finance policy asks for the next Government
- Personal tax allowance and energy bills top the agenda
- Despite household bills falling*, 40% of consumers feel “worse off” on the whole now than in 2010
- comparethemarket.com unveils ‘Five Point Plan’ to help consumer finances
comparethemarket.com today launches its "Consumer Manifesto" – which features insights from more than 6,000 UK adults on their personal finance issues and their top priorities for the next Government to implement.
The key findings from the report:
- The top three personal finance priorities for the next Government are:
1. Increase personal tax allowance (23 per cent of respondents)
2. Freeze energy prices (20 per cent)
3. More state aid in meeting elderly care costs (13 per cent)
Commenting on the personal finance priorities, Simon McCulloch, Director, comparethemarket.com, said: "The top two personal finance 'manifesto asks' of the next Government appear to sit neatly in different Tory/Labour camps. Whilst the raising of the personal tax allowance would naturally be associated with Conservative politics, the energy price freeze has been a major campaigning point for Ed Miliband. The fact that these two policies are clear frontrunners in the ranking suggests they are vote-winners and we can reasonably expect more noise to be made around these issues in the coming weeks."
Further findings include:
- Despite household bills falling, 40 per cent of UK adults feel “worse off” now than compared to 2010. Only 30 per cent feel "better off" today.
- Following welfare cuts, almost half (44 per cent) feel “less secure” now than in 2010, with only six per cent feeling "more secure".
- More than half (51 per cent) of consumers said that the next government will not be able to introduce measures that will improve their personal financial situation.
- Falling petrol prices were cited as having the biggest impact on people’s personal finances in the last five years, with almost a third (31 per cent) highlighting this.
- In the event that there is an “In-Out” referendum on Britain’s membership of the EU, the indications are that the vote will be close and poorly represented. 38 per cent of UK adults believe that they would be "better off" out of the EU, whilst 35 per cent believe that they would be "worse off". Only 6 in 10 (62 per cent) would "definitely vote" in a referendum.
Simon McCulloch added: "The results of our research will make worrying reading for the current Government given that 40 per cent of people feel financially worse off now than they did in 2010, at the start of the Coalition. All parties will not be heartened by the fact that the voting population appears to harbour serious doubts about the Government's ability, irrespective of who is elected, to introduce policies which will improve their personal finances. More encouraging, though, is that we have a clear picture of consumers' priorities for the next Government, whatever its composition. Raising the personal tax allowance threshold, freezing energy prices and greater state aid to assist with elderly care are evidently key issues that people would like to see tackled by the party - or parties - in power come May."
In order to show that consumers’ financial destiny is not entirely in the hands of politicians, comparethemarket.com has created a simple five point plan:
The Five Point Plan
1. Debt
- The rate of interest people pay on their debt will generally be greater than what they will receive from any savings product. Whilst always keeping a buffer, consumers should use their savings to pay down as much debt as possible.
2. Entertainment
- "Rationalise" your entertainment spend. Consumers should review what they pay every month for television, online streaming and cinema viewing and ensure that, if they have multiple packages (eg. Netflix, Amazon Prime, Sky Movies), they don't overlap in terms of the services they offer and are all being used.
3. Insurance
- Check your renewal quotes carefully. Do not simply automatically renew your home, car and travel policies. Be sure that you are getting the best deal and the best price.
4. Food shopping
- Different supermarkets offer discounts on different sorts of goods, so simply getting everything from one store – though convenient – means you will not save as much as you could. Make sure you have loyalty cards for all supermarkets you are likely to visit to ensure your expenditure is working as hard as possible for you.
5. Energy
- Switch your energy provider every 18 months, as this will almost certainly result in meaningful savings. Also ensure your energy is as efficient as possible; look into smart meters and energy saving technology such as LED lightbulbs and, where possible, try to reduce your energy consumption.
PR contacts:
Andrew Wilde - Tel: 020 7903 0661 / Email: awilde@smithfieldgroup.com
Aidan Holloway - Tel: 020 7903 0678 / Email: aholloway@smithfieldgroup.com
Notes to Editors:
Methodology
The findings are based on an independent survey, conducted by Populus, the research house, of more than 6,000 UK adults. The poll was undertaken between 27 February and 8 March 2015.
About comparethemarket.com
comparethemarket.com was launched in 2006 and has grown rapidly over the past eight years to become one of the UK’s leading price comparison websites.
comparethemarket.com provides customers with an easy way to make the right choice for them on a wide range of products including motor, home, life, travel and pet insurance as well as utilities and money products such as credit cards and loans.
comparethemarket.com actively selects its brand partners, working with the best and most trusted organisations to ensure quality service to consumers.
comparethemarket.com is a trading name of BISL Limited. BISL Limited is authorised and regulated by the Financial Conduct Authority.
Registered Address: Pegasus House, Bakewell Road, Orton Southgate, Peterborough, PE2 6YS. Registered in England number 3231094.
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