Sky Poll: People Feel Poorer With More Debt

Most people say their standard of living has got worse over the last few years - despite the recovering economy, according to a Sky (Other OTC: BSYBF - news) poll.

Four in 10 people say they feel worse off (42%), while only 22% believe things have got better.

Thirty-six percent say their standard of living has stayed the same.

The finding comes ahead of an expected return to form for economic growth later when the latest GDP figures are revealed.

Many experts are predicting 0.7% growth for the three months to June, recovering from a lower than expected from 0.4% in the first quarter.

Looking at the last few months, people are also feeling gloomy and just 17% say their standard of living has got better.

A third (31%) say it has got worse, while a half (51%) believe they are treading water and things have stayed the same.

The Sky Data survey interviewed a nationally representative sample of 1,532 customers.

It also found the debt burden has become worse for many since the height of the financial crisis in 2008.

Nearly four in 10 people (38%) told Sky their total household debt (including credit cards, mortgages and student loans) increased over the last seven years.

A third (30%) say they owe about the same and 29% believe they owe less.

Today’s GDP announcement could also affect the mortgage debt of millions.

Bank of England governor Mark Carney has already hinted at an increase in interest rates , thought likely to be early next year.

But a figure better than the expected 0.7% could see that brought forward to the end of 2015, bumping up monthly payments for millions.

The recovering economy, which saw 3% growth last year and a predicted 2.4% for 2015, is also failing to impress many people.

Nearly half told Sky they either agree (25%) or strongly agree (21%) that it makes no difference to their living standards.

The common perception that the South of England gobbles up most of the benefits of economic growth was also borne out in teh survey.

Eight in 10 (83%) of respondents from the North of England say they either agree or strongly agree the South "gets more than its fair share of the benefits of economic growth".

In Scotland the combined figure is 76%, while in the Midlands and Wales it’s 66%.

Predictably perhaps, only 29% of southerners and 36% of Londoners say they agree with the statement.

:: Sky Data interviewed a nationally representative sample of 1,532 Sky customers aged 18+ online 24-27 July 2015. Data are weighted to match the profile of the population.