Redundancy and the global recession are biggest concerns

Being made redundant and the continuing global recession are people's biggest concerns for 2009 according to the results of a new survey.

The research, undertaken by financial services company Edward Jones, shows that 27 per cent of those surveyed ranked ‘being made redundant' and ‘the global recession' equally as their number one concern.

A further 16 per cent cited ‘mounting government debt', while 10 per cent went equally for ‘not being able to meet mortgage payments' and the ‘value of their pension fund' as their biggest concern. Ten per cent said none of these.

There were some interesting variations depending on age and geographical locations. Those in the 25 to 34 age group were most likely to fear losing their job, 31 per cent; while those over 55 were least, 19 per cent.

Just one per cent of those aged 18 to 24 were concerned about the value of their pension fund, however for 27 per cent of the over 55s it was their greatest worry.

Geographically people in the North were most concerned about the global recession, 29 per cent with those in the South of the country, excluding London, were the least - 23 per cent.

The Scots were the least worried about being made redundant 23 per cent and those in the South, excluding London the most worried, 31 per cent.

Mounting government debt was the biggest worry for 20 per cent of those aged 35 to 44 and the least concern to those aged 44 and above at 14 per cent.

"The results of this survey show it is economic factors that are on individual's minds today," said Tim Kirley, Edward Jones UK Principal.

"That the mounting global recession was ranked as highly as being made redundant may be a surprise to many but it just underlines how people are aware these days of what is happening across the globe. Clearly they don't like the look of what they see.

"It also shows the older people are the more worried they tend to become about their pension fund. While people under 40 might feel they have plenty of time left to save, certainly those over 55 face a different situation.

"For people of what ever age it is vital they keep making contributions to their pension as it is so important for their long term financial futures. The earlier they start the easier it will be but it is never too late to make a start."