Press Release

BRITISH CONSUMERS HAVE ADAPTED TO RECESSION AND ARE CREATING THEIR OWN GREEN SHOOTS

Equifax survey reveals that over 60% have reduced or kept debt level the same 60% have changed shopping habits to manage finances More than 40% expect their own financial situation to be better in 6 months

www.equifax.co.uk

London, 30th June 2009 - Leading instant online credit information provider, Equifax, has released a new repor*t based on research conducted in May 2009 which appears to suggest that British consumers have adapted to changing economic conditions. And many are feeling relatively positive about the future.

"Despite the gloom and doom in the media on an almost daily basis, it seems that British families and individuals have simply got on with life and managed their finances pretty well over the last 6-9 months", confirmed Neil Munroe, External Affairs Director, Equifax. "Whilst we would not wish to suggest that the economic downturn hasn't had an impact on many families, it does appear that the good old fighting spirit of the British has come to the fore with many changing shopping habits and bartering for goods.

"The results of our survey, which primarily saw responses from the 26-40 age group and a near 60/40 male to female split, also seem to suggest that some of those much maligned green shoots are being created by British families themselves. Nearly half (49%) said their income has not been affected by the recession and 42% believe their financial situation will be better in 6 months."

But the Equifax survey does also suggest that a reasonable proportion of people are living 'hand to mouth'. 57% said they would only be able to survive financially for less than 3 months if they lost their jobs - meaning they would find it very difficult to service their debts and general living expenses. And worryingly, this jumps to 67% for women compared to only 50% for men, begging the question why women feel more vulnerable?

In particular 21% would struggle paying their mortgage if they lost their job, with a significant 31% having no savings and an even worse 42% not saving from their monthly income. This means they don't have a financial blanket to fall back on so could fall further into debt if they lost their job.

"There is no doubt that we are still facing some difficult economic conditions", concluded Neil Munroe. "But what this survey does show is that British families are pretty resourceful. Those who have made savings on reduced interest rates have used that money to pay off other debts. And whilst we know that the cuts in interest rates were designed to stimulate spending, it is not necessarily a bad thing to see prudent behaviour from consumers."

ENDS

*EQUIFAX DEBT ATTITUDES SURVEY - Conducted May 2009 - 1704 responses

For further press information please contact: Elinor Puzey, Louise Fowler, Cecile Stearn or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: elinor@harrisonsadler.com