A recent study undertaken by Gfk NOP has found that an increasing number of Britons are becoming concerned about their finances. The research firm indicated that the overall index measuring British opinions on the state of the economy reached -29 during may. A figure such as this represents a fall of five points from the -24 seen in April and down from -2 which was seen in May 2007.

The firm's index measuring consumers 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. Meantime, predictions over how they will control their finances over the next year is similarly grim. This index is at -4, a fall of 17 points from May last year.

Also, the measure used to track how well the economy in general has fared over the last 12 months is at -58, a slip of 40 points from the study conducted 12 months ago and the lowest figure seen for some 15 months. On top of that, expectations about the country's general financial situation have also dropped to -39.

It was also indicated in their research that the index measuring whether or not the public thinks that it is currently a good time to make a large purchase has continued to fall. Such a measure was unveiled to currently stand at -32, a reduction of eight points from April data and 36 below May 2007. This latest figure was also noted to be the lowest score ever recorded since Gfk NOP began carrying out research more than 20 years ago.

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

And with buyers having such worries about their finances, it is quite possible to think that more people will want to give more thought towards putting money away for the future. However, it seems that this is not generally the case as the index tracking whether people think that now is currently a good time to save money has fallen. Down by three over the course of May to stand at 25, the index stands ten points beneath what it did during the same period 12 months ago.

Rachael Joy, from GfK NOP's consumer confidence team, said: "UK consumer confidence continues its slide and we are experiencing levels not recorded since 1990; we are at an incredible 27 points beneath where we were this time last year. Consumers' confidence in the economy over the next year, plus a reluctance to make significant purchases, reflect the popular expectation of a recession - both these measures are at the lowest level recorded. The coming months may see even more of a fall in confidence, as rising inflation and dropping house prices make reigning in their monthly expenditure even more likely to the UK public".

Those Britons who are concerned about their ability to manage their finances over the rest of this year could be recommended to take out a low cost loan. By doing so, this may allow consumers to meet various constraints on their monthly expenditure at once, leaving them with a single affordable repayment to make each month.

This might be of assistance to a significant number of buyers after Michael Coogan, director general for the Council of Mortgage Lenders, expressed disappointment at the Bank of England's decision to maintain interest rates last month. He claimed that although most people should be ok, the housing and mortgage markets will encounter problems over the course of 2008. Mr Coogan advised those concerned about their ability to manage their money to contact their loans officer or a financial advisory service straight away.