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Thursday, May 19, 2011

Brits are Worried about Losing their Jobs

The HSBC recently reported that 29% of British workers fear that they might be made redundant at some point during the next year. Mature public sector employees are feeling the most anxious, with 37% of people in this age group saying that they may be given the chop in the months ahead.

When it comes to the medium term, insecurity rises and the divide between the public and private sectors expands. 37% of people are of the opinion that their jobs will come under intense pressure over the next 36 months, including 40% of public sector wage earners and 35% of individuals in the private sector.

Richard Brown, Senior Savings Product Manager HSBC said, 'Obviously we are in a difficult financial period with many people feeling insecure about their job prospects and experiencing a squeeze in their standard of living.

'While this feeling of a lack of job security is particularly acute among older people in the public sector, everyone seems to be feeling the squeeze on their finances.'

This news will not be welcomed by rental property owners who are worried about tenants becoming unemployed and subsequently falling behind on the rent. It may mean that there will be an increase upon the 9.4% of rent which is currently in arrears.

Although they can't do a great deal to affect the strength of the economy, prudent landlords can safeguard their finances in this time of hardship by investing in rent guarantee insurance.

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