Third of Brits concerned about income

Posted: 18 Feb 2009 08:59:07 GMT

Almost one in three Britons are concerned that their income will drop this year, while one in ten worry about the possibility of failing to be able to pay their mortgage this year.

Research conducted by Virgin Money found that the Brits are either concerned by more rises in the cost of living or even direct wage cuts.

Rob Clifford, UK managing director of Virgin Money said: "We cannot trivialise the effects of the economic downturn. With 29 per cent of workers expecting a drop in disposable income over the next three months and next year, it is clear there is a mood of caution throughout the country.

"The biggest losers in the next three months are likely to be any company operating in luxury goods such as consumer technology manufacturers and retailers, jewellers and designer clothing brands."

First-time buyers attempting to save for a home during the recession may find that doing so will take longer, or that they may need to set their sights on a cheaper home.

Buying a home online could save first-time buyers a significant sum, as direct purchasing could avoid the need to use expensive estate agents.



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