Belfast Telegraph

Saturday 26 July 2014

Quarter think job 'less secure'

A quarter of Britons believe their jobs are less secure than a month ago amid the continuing economic uncertainty

A quarter of Britons believe their jobs are less secure than a month ago amid the continuing economic uncertainty, a new study has suggested.

The poll of 2,618 adults revealed people are tightening their belts as consumer confidence wavered, with spending slashed on non-essentials.

Clothes and shoes buying registered the largest fall in spending over the past 12 months, followed by eating out, purchasing music or movies, drinking coffee out, going to bars and going to the cinema, according to the latest data from the Bloomberg/YouGov Household Economic Activity Tracker.

Conversely, spending on groceries, mobile phones and TV subscriptions posted the largest increases over the same period as staying in and staying in touch were prioritised.

Consumers across all age groups were spending more on TV subscriptions, with 19% posting a slight increase, another 4% a significant increase and 55% spending the same.

Those aged 55 and over led the trend, with 34% of those applicable in this age group registering a spending increase. On the question of job security, those aged 18-35 felt in the strongest position while the over-35s felt the least secure.

Approximately 26% on average felt less secure in their job this month compared to the last while 69% saw no change.

The poll showed some Britons were calling time on their 'coffee to go' caffeine fix, with 47% of coffee drinkers cutting back on spending on coffee over the past 12 months.

Almost half (48%) of consumers who go to the cinema said they had decreased their spending on the movies, with 41% spending the same. Eating out was also being seen as an unaffordable luxury, with more than half (52%) spending less over the past 12 months.

Mike Nardis, senior vice president, investment products at YouGov, said: "Consumer spending behaviour in the past 12 months has shown where our priorities lie: staying in and staying in touch are valued and worth our hard-earned cash, but going out for meals, to clubs and bars, buying clothes and shoes and even stopping at the coffee shop are all off the menu. The outlook for the next 12 month is equally bleak."

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