Finance

50% of consumers expect a financial crash this year

A new poll has revealed that consumers are preparing for a housing crash and a large financial crisis this year.

The survey by Spearvest, a wealth management firm, reveals that almost half of all people questioned believe that 2019 will see a financial crisis with more gravity than the one experienced 11 years ago.

Dire predictions

The Spearvest poll found that 44 per cent of respondents are expecting this year to deliver a financial crash worse than the crisis experienced in 2008. The Spearvest poll found that 44 per cent of respondents are expecting this year to deliver a financial crash worse than the crisis experienced in 2008. A total of 41 per cent of those who answered questions in the poll also predicted that 2019 would see a housing crash.

The feelings of negativity continued in the poll, with only 14 per cent of respondents questioned saying that they had forgiven banks following the financial crisis seen in 2008. You can read more about the events of 2008 at https://www.independent.co.uk/news/business/analysis-and-features/financial-crisis-2008-why-lehman-brothers-what-happened-10-years-anniversary-a8531581.html.

These feelings are likely to leave many independent financial advisers using software for IFAs to help manage demand from clients wanting to secure and organise their finances during what they perceive as uncertain times. For those not yet making use of this software, they can find out more at Intelliflo and from other similar companies.

The Spearvest poll also found that consumers want to see banks trying harder to help good causes. A massive 60 per cent of the survey’s respondents want banks to fundraise and donate more to charities.

Wael Al-Nahedh, the CEO of the wealth management firm behind the poll, said that this year looks likely to be a difficult and challenging time for investors. This is largely due to far-reaching concerns about the performance of the wider economy and the housing market. The Spearvest poll also found that consumers want to see banks trying harder to help good causes. A massive 60 per cent of the survey’s respondents want banks to fundraise and donate more to charities.

Al-Nahedh added that the results of the survey also made it clear that there was a need for the financial services industry to do far more in order to regain public trust. This includes supporting good causes and showing a genuine desire and commitment to helping charities.

The financial crisis of 2008

Many economists consider the 2008 crisis to have been the worst of its kind since the Great Depression that beset the 1930s.

The crisis is said to have started in the US’s subprime mortgage market and grew into a complete global banking crisis as the Lehman Brothers investment bank collapsed in September 2008.

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