Increasing number of people worried about finances

People are becoming increasingly worried aboout their financial situation according to Citizens Advice Exeter. 

The findings have been published in the organisation's latest economic well-being survey.

Chief Executive, Steve Barriball said: "More people are worried about their financial situation; with 63% of those who participated in the survey telling is that they are worried, compared to 56% in our last two surveys. There was a large reduction in those borrowing through loans and overdrafts, but a significant increase in people borrowing from other sources, such as from friends. This all suggests that income levels are still insecure for many working on short-term or zero-hours contracts.”

On a more positve note, Steve added: “However, a key finding is that 71% of those who participated in the survey told us that they had received a pay rise in the last year. This is up from 51% in our previous two surveys. Of those who had benefitted from the Government’s National Living Wage, no participants told us of reductions in other terms and conditions or workplace benefits. This is all welcome news. This suggests that some fears about the impact of the National Living Wage have not been realised.”

Steve finished by saying: “In terms of job satisfaction, 14% of respondents gave a score of 5 out of 5, with 10% scoring 1 out of 5.  Overall, some 80% of respondents were fairly happy or better with their employment situation. This is 9% lower than in January, and 4% lower than in September last year. Whilst the headline job figures continue to look positive, there is a suggestion here that for people in work job satisfaction is still fluid.”

A summary of the results of the survey, run in partnership with the Express and Echo, Radio Exe, Exeter City Council and Exeter Chamber of Commerce, will be published on the charity’s website – www.citizensadviceexeter.org.uk  - and can be found enclosed.