Many members of the UK public expect a financial crash and believe it will be worse than the one in 2008, research by a wealth management firm indicated.
Spearvest found 44% of 1,000 consumers held this belief, while 41% also said they expected a housing crash this year.
The survey suggested the public still lacked faith in the financial system with the finding that although13% of respondents felt the banks had customers’ best interests at heart, 55% disagreed.Further, only 14% said they had forgiven the banks after the 2008 financial crisis.
Wael Al-Nahedh, chief executive 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.”
The poll found 60% of consumers believed banks should do more to donate and fundraise for charities.
Recent data for fund flows in the UK provided other evidence of pessimism among the public when Calastone said December subscriptions to funds were set to be the worst in two years.
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