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More employees fearing redundancy

Tuesday December 14th 2010

More people fear being made redundant now than three months ago, research has found.

Some 4.3 million people have admitted they are worried about losing their job - up 50% on the figures for the third quarter of the year, according to R3's quarterly personal debt tracker.

The highest level of concern was found to be in employees aged between 25 and 34, with one in six (16%) saying they feared being made redundant.

The findings show that the number of individuals experiencing each "sign of financial distress" has increased since quarter three.

The number of people who admit to falling behind with some of their bills and payments has increased by sixty percent, and is now close to the four million mark (3,785,544).

Stephen Law, R3 president, said: "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. There will be many more 'below the waterline' who are struggling and have not yet admitted it.

"It is alarming that many believe that their jobs may be under threat and this fear may indicate that many believe that the worst is yet to come. The high level of concern amongst those aged between 25 and 34 may reflect their fear that they are more dispensable as they are less experienced."

Copyright © Press Association 2010

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