Monday 15th of November 2010
People at risk of losing their job as a result of the government's comprehensive spending review may decide to start asking individual voluntary arrangement questions.
Policy expert at the Consumer Financial Education Board Catherine Wolthuizen noted that loss of employment is one of the biggest threats to an individual's financial situation.
The coalition cuts have led to both public and private sector workers feeling nervous about their roles in the workplace and seeking reassurances that they will not be affected, she stated.
Ms Wolthuizen added Brits who have ignored their monetary difficulties up to now and have built up a large amount of outstanding debt will be particularly concerned by the thought of redundancy.
According to the British Retail Consortium and market research company Nielsen's recent Consumer Confidence survey, a quarter of people feel their job prospects will be 'bad' in the coming year, while almost half stated they will be 'not so good'.
By Hayley Jones
