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December 10, 2010    

Four million Britons living in fear of redundancy

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by Gill Montia
Four million Britons living in fear of redundancy

Over four million working Britons are living in fear of being made redundant, according to the latest personal debt tracker survey by R3, the trade body for insolvency and turnaround professionals.

The figure has risen 50% over the last three months, with those aged between 25 and 34 the most worried about their employment prospects.

R3 president, Steven Law, says the findings suggest that many people believe that the worst is yet to come in terms of UK job losses, with the 25 to 34-year-olds possibly believing that they are more dispensable, being less experienced than their older colleagues.

In addition, the number of people experiencing “signs of financial distress” increased dramatically in the three months to the end of October, with a 60% rise in those who admitted to falling behind with some of their bills and payments.

Mr Law comments: “These figures make grim reading. The number of people who have admitted to struggling has rocketed over the last three months, but this is just the tip of the iceberg.”

He adds: “There will be many more ‘below the waterline’ who are struggling and have not yet admitted it.”

At the same time, one in four respondents were saving less than usual (a 3% rise on the previous quarter) and the research suggests that around three million Britons have taken on more debt recently.

The study was undertaken by ComRes on behalf of R3 and surveyed 2,035 adults online between 29th and 31st October 2010.

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Tags: financial distress, , R3, redundancy, , UK job losses