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Consumers more upbeat on finances, survey finds

People in the UK are growing more optimistic about the economic recovery and their own finances, an influential survey revealed today.

Market research firm GfK NOP said that even though the overall score on consumer confidence remained unchanged since last month at minus 29, there were grounds for "cautious optimism" in the detail of the index.

Nick Moon, managing director of GfK NOP, said next month's results will determine whether this represents the "beginnings of a sustained improvement".

The consumer confidence barometer shows a boost in consumer sentiment about the state of the economy over the next 12 months, rising from minus 33 in January to minus 29 this month.

There has also been a rise in people's confidence regarding their own finances, improving from minus nine to minus six in the last month.

This personal finance score is four points higher than February last year, which suggests people are more upbeat and confident about their finances for 2012.

The survey was compiled for the European Commission.