Consumer concerns over Eurozone crisis show no signs of letting up

With continued uncertainty following the pivotal Greek elections this weekend and ongoing concerns over Spain, new research from uSwitch.com, reveals that British consumers are worried about the impact the continuing Eurozone crisis will have on them. Almost six in ten (58%) are concerned that it will have a negative impact on their own finances. And with almost half (48%) worried about the crisis having a negative effect on their employer, it seems that despite not being in the Euro, Brits are very worried about being caught up in the aftermath.

And things have got so bad that less than one in ten consumers (9%) think that the Euro will recover. Almost two thirds (64%) think that it will continue, but with fewer countries, while 16% think it will be disbanded altogether. But if Greece was to exit the Euro, consumers have a long list of concerns - for themselves and the country. Seven in ten (71%) are worried about the impact on the UK economy, while more than four in ten (43%) are concerned about the instability of UK banks.

But consumers are also worried about the impact on them directly - almost three in ten (29%) would be worried about the value of the pound, and almost one in ten (8%) are even concerned about their job security.

With the storm surrounding the Euro, the overwhelming majority (86%) agree that Britain was right not to enter the Euro. And with the crisis deepening, just 6% think Britain should ever consider joining it. On the flipside one in ten (10%) say Britain should think about joining if the weaker countries leave, although overall 84% believe Britain should never consider it.

Michael Ossei, personal finance expert at uSwitch.com, says: "The dark clouds have been massing for some time now and the future of the Euro and the Eurozone is uncertain. While Britain isn't directly in the path of the storm, consumers are still concerned about the damage that could be left in its wake. Many are already looking at the potential impact to both themselves and their employers. 

"With such uncertainty in the air, it's important that consumers batten down the hatches and take better control of their own budgets. Having savings in the bank and reducing debt can help ease the pressure on your own finances. Rather than plugging any gaps by borrowing, consumers should look at saving money wherever possible. Stripping down living costs and household bills to the bare minimum will help consumers enjoy more disposable income, and will also help them save for the future."