Do private banks benefit from increased personal finance pessimism?

Private banks could benefit from changing attitudes towards wealth management, as one expert claims the recession has made Britons pessimistic about personal finance.

Catherine Wolthuizen, policy expert at the Consumer Financial Education Board, spoke of the recent spending cuts, saying: "People are anticipating that there are going to be knock-on effects."

And for those with personal wealth, private banking services may be increasingly attractive, as individuals seek to shore up their estates in a financial market that appears less stable.

One indicator for wealth management sentiment could be the latest Consumer Confidence Survey, which was released two weeks ago by market research company Nielsen, in conjunction with the British Retail Consortium.

It showed almost half (48 per cent) of Britons feel the outlook for their personal finances is "not so good", which could see many turning to private banks as a way of protecting their wealth and investment portfolios. ADNFCR-2318-ID-800235308-ADNFCR