Five million already hit by recession
Friday 23rd January 2009, 12:02AM GMT.
Over five million people are already being hit hard by the economic downturn, which is today expected to be confirmed as a recession.
Research by Mintel points to 11 per cent of adults claiming their finances having been hit by the downturn and a further 16 per cent fear for the future because of concerns about their long-term financial security.
“So far, most people are coping fairly well with the downturn. But for an unfortunate few the slowing economy is already causing them real financial problems,” said Toby Clark, head of financial research at Mintel.
“And even more are genuinely worried about their future security.”
However, some 21 per cent described themselves as comfortable.
“For most, the economic downturn has been fairly manageable. Some will even be feeling better off, with more money to spend as inflation falls and interest rates reach a new low,” Mr Clark said.
“However, there is little doubt that as unemployment rises, confidence across the board will take a hit.”
For people most severely hit by the downturn, 32 per cent have cut the amount they save and 12 per cent have lowered debt repayments.
As the threat of recession and the effects of recent roaring inflation batter Britons’ finances 45 per cent of people report spending less on socialising and 51 per cent say they now eat out less.
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