Job security worries contributing to debt fears?

Many people in Britain may be fearful of the prospect of debt because they are concerned about their job security, new figures have indicated.

The survey, carried out by market research company Nielsen and the British Retail Consortium, revealed a steep increase in the number of individuals who are worried about the stability of their employment.

Of those quizzed in the questionnaire – which asked UK adults about their feelings on job situation, personal finance and spending intentions – 48 per cent said their work prospects for the coming year were “not so good”, while 26 per cent described them as “bad”.

This amount marked a significant leap from that recorded in the second quarter survey.

Moreover, the investigation revealed a worsening sentiment over personal finances, with a six percentage points rise in the number of people who think their situation is “not so good” – to 48 per cent compared with 42 per cent in quarter two.

A further 13 per cent referred to their personal finances as in a “bad” condition.

Citing their biggest concerns for their cash flow, 26 per cent noted the economy is the leading factor, 23 per cent said utility bill increases, 20 per cent answered food prices and another 20 per cent stated personal debt is their major fear.

Group managing director at Nielsen UK and Ireland Chris Morley said: “Consumers are clearly concerned about inflation on petrol, utility bills and food shopping, underpinned by a sustained and increasing worry over jobs.”

Unbiased.co.uk’s most recent Advice Drivers report showed many Brits are seeking financial advice to help them better manage their money.

By Amy White