Under 35s most fearful of unemployment

Younger Brits are more concerned about losing their jobs than the older generation, a new study by Lloyds TSB has revealed.

People under 35 are more likely to worry about the state of the economy, with 32% of this age group expressing concern about financial issues including unemployment, having less money to spend, being unable to support their family, and being unable to keep up with debt repayments.

This is compared to 21% of over 35s experiencing similar worries.

Despite their concern, the younger generation are optimistic about a quick turnaround for the economy, with 11% predicting that the downturn will end this year.

By contrast, 37% of those over 35 believe the recession will last until at least 2011.

Under 35s are also less likely to have cut back on spending, with just one in five tightening their purse strings. Of the older generation, two in five (39%) said they have become more frugal because of the downturn.

Worryingly, Lloyds TSB found that 21% of Brits are suffering from ‘recession depression’, with the state of the economy having a serious effect on their mood and their health.

Graham Lindsay, Lloyds TSB’s managing director of customer experience, said: “Managing your finances during a recession is challenging regardless of whether you have experienced one before or not.

“If you have financial worries, facing them head on is always the best policy and having a plan of action puts you in control and helps to put your mind at ease.”

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