Those who have been keeping a tighter grip on their finances could soon be letting their cash flow more freely, according to a new report.Ernst & Young's Item Club predicts that there will be a rise in confidence among consumers this year, aided by an increase in personal tax allowance and a recovery in the housing market.The increase in personal tax allowance is set to see consumers taking home an extra £300 per year, while schemes such as Funding for Lending and Help to Buy will aid in helping them gain cheaper loans.Indeed, the results of the government schemes have already been shown with increases in house sales.Nevertheless, people should ensure that they have money set aside in case of any further financial difficulty. Weak employment, for example, is still expected to constrain consumer spend.Additionally, house sales could still ramp up mortgage payments as there are fears Help to Buy could create a housing bubble.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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