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January 17 2019

Nearly half of consumers expect a financial crash ‘worse than 2008’ this year

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Consumers are bracing themselves for a major financial crisis and housing crash this year according to a new poll from Spearvest, the wealth management firm. The study, conducted by independent survey company Censuswide asked 1,000 members of the UK public about their views on the economic outlook for 2019.

A total of 44 per cent of respondents said they expected a financial crisis worse than 2008. Additionally, over a third of those polled (41 per cent) said they are expecting to see a housing crash happen this year.

Only 14 per cent of the population said they had forgiven the banks after the 2008 financial crash, according to a new poll from Spearvest, the wealth management firm.

As well as this, there is a significant distrust from consumers that banks have their best interests at heart. The survey found that over half (55 per cent) did not believe this to be true, with only 13 per cent believing they did.

The poll also found that consumers want banks to do more for good causes with 60 per cent believing that banks should donate and fundraise for charities more.

Wael Al-Nahedh, CEO of Spearvest comments:

“With widespread concern around the performance of the housing market and the wider economy, 2019 already looks set to be a challenging year for investors. It’s also clear that the financial services industry needs to do much more to win back trust of the public, supporting good causes and demonstrating a genuine commitment to charitable giving.”

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