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Joblessness fear indicative of debt problems?

Joblessness fear indicative of debt problems?

- Tuesday, 8 December 2009

Britons have revealed the extent to which they fear being made redundant, with more willing to take a pay cut than look for a better-paid new job.

According to research from SimplyWired.co.uk, 69 per cent of Britons would take a pay cut in order to avoid losing their job.

Furthermore, 37 per cent of these said that their decision was fuelled by a fear of not being able to find a new job.

People's unwillingness to look for appropriately paid work could be interpreted as an inability to support themselves through unemployment as a result of underlying debt problems.

However, the Institute for Employment Studies has allayed people's fears by suggesting that a reduction in pay is a highly unlikely eventuality.

Duncan Browne, director of reward services at the institute, said: "I haven't seen pay cuts. About 40 per cent of private sector organisations have had a pay freeze, [but there have been] no pay cuts, partly because of legal implications."

SimplyWired.co.uk also revealed that 85 per cent of job seekers believe employees are paid less as a result of increased competition.

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