The overall index score has remained the same as it was in July. The measure for changes in personal finances over the last 12 months was down one point at -5, while the forecast for the next year increased by one point to 1.

Assessments of the wider economic situation, both in terms of reviewing the past 12 months and looking ahead to the next year, have worsened slightly in August – both measures are down by one point to -62 and -42, respectively.

The major purchase index, which asks respondents whether now is a good time to be spending money on larger purchases, increased by one point to -25 this month – 26 points lower than it was in August 2019.

Meanwhile, the savings index, which is not included in the overall index score, remained at 21 in August, which is the same level as this time last year.

Joe Staton, client strategy director at GfK, said: “Circumspect consumers report they are more confident about their personal financial situation over the next year but the uptick from zero up to +1 does not amount to much, and this can change quickly when furlough ends and the inevitable redundancies start. Employment is now the big issue because the pandemic has ended years of job security.

“While our major purchase index managed to increase by one point in August, the economic headwinds are not favourable as we enter the key retailing months at the end of the year.”

The Consumer Confidence Barometer is conducted by GfK on behalf of the European Union. Interviewing was carried out with a sample of 2,000 people aged 16 and over during 1st–13th August 2020.