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Workers braced for Budget news

Monday June 21st 2010

While consumers brace themselves for belt-tightening ahead of the emergency Budget, many be also be considering income protection insurance.

As many as 44% of households expect their financial situation to get worse during the coming year, compared to just 22% who think it will improve, according to research.

It was the third month in a row that people had become more pessimistic about their own financial outlook, the study by YouGov and financial information group Markit revealed.

June also saw households reporting a further deterioration in their financial situation, with 27% saying it worsened, while only 7% said it got better.

The worsening household finances also coincided with a slight fall in income from employment, while there was a significant reduction in the amount people are saving.

A quarter of people said their job security deteriorated during June, with public sector workers most likely to be concerned. Their confidence fell at its fastest rate since the survey first began in February 2009.

Copyright © Press Association 2010

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