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UK Households' Optimism Towards Future Finances Improve In Q2

British households' optimism about their finances over the next twelve months reached its highest level in five years in the second quarter, survey results from IHS Markit showed on Monday.

The headline Scottish Widows household finance index, which measures households' overall perceptions of financial wellbeing, rose to 44.7 in the second quarter from 42.0 in the first quarter.

The indicator signaled the weakest deterioration in UK household finances since the Covid-19 pandemic began.

The reduced financial strain also supported sentiment towards household finances over the coming year.

For the first time since the first quarter of 2016, British households expect their financial wellbeing to improve over the coming year, with 18-34-year-olds particularly upbeat about their financial outlook.

The survey showed that more households are planning to use savings they have made during the pandemic to bolster their financial resilience.

One in seven expects to increase their pension contributions in next year. More than two-thirds expect to stay on track with retirement plans despite pandemic.

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