The index found that the measure for people’s personal financial situation over the past 12 months was up two points to -13, while the outlook for personal finances was up one point to -2.

Perceptions of the general economic situation over the past year also rose, up five points to -47, while outlook for the next 12 months increased six points to -24.

The major purchase index, which measures whether now is a good time to make a major purchase, rose four points to -20.

The savings index, which looks at whether now is a good time to save money, stayed at a positive score of 27.

The scores are based on a nationally representative survey of 2,001 people between 1st and 13th September, with scores above nought indicating a positive outlook.

Joe Staton, client strategy director at GfK, said: “With less than 100 shopping days to Christmas, the four-point boost to the major purchase measure might offer some hope to retailers, who know all too well that many people face financial pressure in the run-up to this year’s festive season.

“While this month’s improved headline score is good news, it’s important to note many households are still struggling with the cost-of-living crisis and that economic conditions are tough. The reality is that consumer confidence remains suppressed, and the financial mood of the nation is still negative.”