Feeling The Pinch tracking study released by The Futures Company
1 February, 2012
The UK faces a crisis of trust and community much more grave than the financial crisis now squeezing households, according to the latest Feeling The Pinch tracking study just released by The Futures Company
LONDON, UK —
With many of the traditional pillars of society now found wanting, UK citizens have lost faith in government and financial institutions, creating a crisis of trust broader and more severe than the financial crisis. The result is a retreat from community and public spaces and a retrenchment by people into their own private worlds.
In the sixth wave of its Feeling The Pinch survey conducted during January 2012 among 1,000 UK consumers, The Futures Company found that people are pessimistic about the year ahead, with 43% expecting the UK economy to be worse in the next 12 months. This percentage has steadily worsened over the last two years. In March 2011, 40% felt this way; in September 2010, it was 32%.
But as bad as economic attitudes are among consumers, trust is worse. In the latest wave of Feeling The Pinch, 75% agreed that “I now have less trust in banks, and feel they serve their own interests not the interests of their customers.” Additionally, 68% are not confident that “the current government can bring about an improvement in the economy.”
Faced with combined uncertainties about trust and the economy, consumers have abandoned community and retrenched to their homes and families. Only 11% agreed that “I talk to my neighbours more now than I did before the recession;” 46% disagreed. Just 12% agreed that “I am more involved in my local community than I was before the recession;” 48% disagreed.
Said Fran Walton, author of the report and Director in The Futures Company’s London office, “This is a watershed moment. The way in which we find our way forward from here will define the character of UK society for years, if not decades, to come.”
Added Walton, “The business community must step up. Brands, companies and institutions have an opportunity if not an obligation to offer support, to help create new connections and to build new meaning into consumers’ lives. With trust and optimism in short supply and people gripped by a gloomy economic outlook, marketers must deliver what consumers need most in all aspects of their lives.”
In a Breakfast Briefing on 30 January at The Futures Company’s offices in London, the 5 P’s of opportunity and responsibility for businesses and marketers were explored in detail.For more information please contact:
UK: Henry Tucker at +44 (0)20 7955 1862 or email email@example.com
US: Emily Parenti at +1 919 932 8626 or email firstname.lastname@example.org
About Feeling The Pinch
The Futures Company has conducted regular updates on the financial attitudes and lifestyle values of UK consumers since the beginning of the global recession. Six waves of tracking among a nationally representative sample of UK adults have been conduced in July 2008, January 2009, November 2009, September 2010, March 2011 and January 2012. Each wave has been first reported in a special London Breakfast Briefing. Feeling The Pinch is a unique tracking of UK consumers that is part of the on-going thought-leadership work of The Futures Company, much of which is publicly available at www.thefuturescompany.com
. About The Futures Company
The Futures Company is the leading global foresight and futures consultancy, with a strategic focus on unlocking new sources of growth for clients. Formed in 2008 from the coming together of The Henley Centre, HeadlightVision and Yankelovich, The Futures Company offers a combination of subscription services and consultancy offers that enable clients to find growth opportunities through a deeper, more actionable understanding of the dynamics shaping the future of the marketplace.
The Futures Company is a Kantar company within WPP with teams in the UK, US, Mexico, Brazil, Argentina and India.www.thefuturescompany.com
Follow The Futures Company on Twitter @FuturesCo
and on Facebook