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Consumer confidence 'drops further'

A further drop in consumer confidence has been marked by life insurance firm Standard Life.

The quarterly Savings & Investment Index has marked a further drop to score just three in January 2008.

By way of comparison, the score was 11 in October 2007 - and hit a high of 23 the previous year.

Director at Standard Life Allison Crawford said: "This latest research sits against the backdrop of recent turmoil in the market and clearly reflects the uncertainty in people's minds around their savings for the future.

"It's important that people don't lose their nerve because of the current market volatility."

The index is measured through a consumer poll - which sees customers asked whether or not they would like to invest in a variety of categories, including stocks, buy-to-let homes and home renovations.

Consumer nervousness about the apparently weakening economy was reflected in the popularity of 'risk-free' savings - with 86 per cent responding positively to ISAs as a potential investment.

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