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Consumers bracing themselves for major financial crisis and housing crash

  • By Georgie Davey
  • News

Consumers are bracing themselves for a major financial crisis and housing crash this year.

So says a new poll from Spearvest, the wealth management firm. Their study, conducted by independent survey company Censuswide, asked 1,000 members of the public about their views on the economic outlook for 2019.

Some 44% of respondents said they expected a financial crisis worse than 2008. What’s more, 41% said they are expecting to see a housing crash happen this year.

Interestingly, only 14% of the population said they had forgiven the banks after the 2008 financial crash and additionally, there appears to be a significant distrust from consumers that banks have their best interests at heart. The survey found that 55% did not believe this to be true, with only 13% believing they did.

As for being charitable, the poll also found that consumers want banks to do more for good causes with 60% believing that banks should donate and fundraise for charities more.

Wael Al-Nahedh, CEO of Spearvest, said: “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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