Four million fear losing their jobs

More than four million people fear being made redundant, an increase of 50 per cent over the last three months, according to figures released by the insolvency profession body R3.

"These figures make grim reading," said Andrew Walker a partner with law firm Irwin Mitchell, who is chairman of R3 in Yorkshire.

"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."

According to the survey, more than one in four people say that they are saving less than usual, the number of people who admit to falling behind with some of their bills and payments has increased by 60 per cent and more than three million people have taken on more debt in the last three months.

"It is startling that so many people have taken on further debt, especially when many believe their job to be at risk," continued Mr Walker.

"The fall in the number of people who are saving suggests that savers may have been discouraged by low interest rates; however, it is always a good idea to ensure that people put money away for a "rainy day."

R3 advises anyone who is struggling with their debts not to ignore their problem, but to seek professional advice as soon as possible."

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