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According to the latest survey that was conducted by Lloyds Bank, many consumers feel more pessimistic about the economy of the United Kingdom compared to what they were at the end of 2016.
However, the Lloyds Bank Spending Power Report also revealed that millennials are feeling more positive regarding their own finances. Among a group of 18-24-year-olds that were asked regarding their own job security said that they are more upbeat, with 79 percent feeling positive regarding their prospects.
And 18-24 year olds who work (part-time, full-time, or self-employed) expect that their annual income will increase by £1,391, on average, over the next year, an increase of 4.9 percent on the average annual salary of £28,600. Working 25-34-year-olds predict that they will receive an average pay increase of £1,274.50 in a span of 12 months, significantly more than the average predicted an increase of £622.50 among those who work across all the age ranges.
This contrasts with those more than 45 who expect that their income will decrease by this time in 2018 and despite research from the Resolution Foundation forecasting zero wage growth in the United Kingdom next year.
“Although inflation fears continue to concern consumers, it is positive to see that younger people seem more upbeat about their own job security and future earning potential,” stated the managing director of Lloyds Bank, Robin Bulloch.
“It remains to be seen whether predictions about their pay increasing will be accurate, but any rise in incomes will provide a welcome boost to the economy and help people with the rising cost of living.”