The Money Pages, 5th May 2015, Election not to spoil financial plans of many Britons

The General Election this week is not going to have impact on the financial planning of people across the country, a recent survey by Freedom Finance found.

The loan broker’s poll of 309 consumers in March and April this year shows that 60 per cent of people believe the election will have not impact on their plans for a major purchase or expenditure in 2015.

More than a fifth (20 per cent) of survey respondents said they will go ahead with their plans regardless of the outcome of the election and just under a fifth (18 per cent) said they will wait to see what happens before making a major financial step this year.

The poll also asked people what issues would most put them off making a big purchase in 2015. The biggest concern identified by a third (33 per cent) of respondents was a change in interest rates and over a fifth (22 per cent) said that wage prospects would have the greatest bearing on their decision.

Popular among people’s plans for larger expenditures are holidays (30 per cent) as well as home improvements (30 per cent), which is an indication of growing consumer confidence and a buoyant property market, according to Freedom Finance.

“The common wisdom is that uncertainty around the election tends to dissuade people from making important purchases or large investments. However, our research suggests otherwise. The majority of families are still planning on going ahead with planned major financial purchases despite uncertainty surrounding growth forecasts, house prices, rental rates and job prospects.

“In actual fact interest rates remain the single most important factor for many families when planning a major purchase rather than who occupies number 10 on 8th May,” Nicola Georgiou, managing director of Freedom Finance said.

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