The latest index saw a three-point fall from August in people’s perception of their personal financial situation over the past year, hitting -7 in September, while there was a one-point drop in perceptions of personal finances for the year ahead, albeit with a positive score of four and seven points above this time last year.

Perceptions of the general economic situation over the past year was at -45, three points down from August and below the -37 seen in September 2024.

Expectations for the economy for the next 12 months reduced by two points to -32, again below the -27 seen in September 2024.

The major purchase index, which examines whether now is the right time to make a significant purchase, fell three points in September to -16, albeit above the -23 registered in the same month last year.

The savings index, which covers whether the time is right to save money, dropped eight points but remained in positive territory with a score of eight, and broadly similar to a year ago.

The findings are based on a representative sample of 2,003 UK adults with interviews carried out between 1^st and 11^th September.

Neil Bellamy, consumer insights director at GfK, an NIQ Company, said: “The 7^th August decrease in interest rates does not appear to have provided any obvious boost to the financial mood of consumers or drawn attention away from day-to-day cost issues.

“With tax rises expected in the November budget, the risk is that confidence inevitably falls, just like the autumn leaves.”