A rising number of Britons are concerned about their finances, according to a recent report.

In a recent study undertaken by Gfk NOP, it was indicated that the nation’s financial situation has continued to worsen. The research company announced that the overall index measuring British opinions on economic conditions reached -29 during may. Such a figure represents a fall of five points from the -24 seen in April and down from -2 which was recorded in may 2007.

The company’s index measuring buyers perception over their personal financial situation during the past 12 months was shown as falling by three points to stand at -11, the lowest figure recorded since the end of 1995. However, predictions over how they will manage money over the next 12 months is similarly grim. This index is at -4, a fall of 17 points from May 2007.

Due to such worries about their personal finance situation, it is quite possible that consumers are struggling to meet demands on their spending such as credit cards, loans and household bills.

Additionally, the measure tracking how the economy as a whole has fared over the past year is at -58, a decline of 40 points from the study conducted a year ago and the lowest figure seen for over 15 months. On top of that, expectations about the nation’s general financial situation stands at -39.

Research from the firm also indicated that the index measuring whether or not buyers think that it is currently a good time to make a significant acquisition has continued to fall. Such a measure was revealed to be currently standing at -32, a drop of eight points from April data and 36 below May last year. The recent figure was also indicated to be the lowest score ever recorded since Gfk NOP began its study in the early 1980s.

However, for prospective buyers who are considering making a purchase, which could include a car or house, using personal loans to finance such buying may be advisable.

And with people having such concerns about their finances, it may be possible to think that more people will want to lend more thought towards putting money away for the future. However, it would appear that this is not generally the case as the index that tracks whether people think it is currently a good time to plan for the future has reduced. Down by three over last month to stand at +25, it now stands ten points lower than during the corresponding period in 2007.

Speaking about the figures, Rachael Joy, from GfK NOP’s consumer confidence team, said: “UK consumer confidence continues its decline and we are seeing levels not recorded since 1990; we are at a massive 27 points lower than this time last year. Consumers’ confidence in the economy over the next year, additionally a reluctance to make major purchases, reflect the popular expectation of a recession - both these measures are at the lowest level on record. The future months may see even additional fall in confidence, as going up inflation and dropping house prices make reigning in their monthly expenditure even more likely to the UK consumer”

Those consumers who are worried about their ability to cope over the rest of the year may be well advised to take out a cheap loan. In doing so, this may allow consumers to meet various constraints on their spending at once, leaving them with a single affordable repayment to make each month. This might be of assistance to a significant number of consumers after Michael Coogan, director general for the Council of Mortgage Lenders, expressed disappointment at the Bank of England’s decision to keep interest rates unchanged last month. He claimed that although most consumers should be ok, the housing and mortgage markets will encounter problems over the course of 2008. Mr Coogan advised those worried about their ability to manage their money to contact their loan officer or a financial advisory service immediately.