Couples voice concern over UK economy

January 2009

One in five couples could not survive beyond four weeks if redundancy were to hit

Key statistics

Women

• Almost a third of women (30pc) are concerned that their partner may be made redundant in 2009, rising to 41pc of women aged 25-34
• 55pc of women would not feel financially secure if their partner were to lose their job
• The most insecure age group is the 35-44 year olds, with 60pc of women saying that they would feel financially insecure if the relationship were to collapse
• More than one in ten women (11pc) say that they could not survive beyond one week if their partner were to lose their job

Couples

• Almost one in five couples (17pc) say that they could not survive financially beyond one month if one of them were to lose their job
• 26pc of couples have no savings at all
• Couples who are over 55 are the most financially secure age group with 15pc able to survive indefinitely on their savings, if one of them were to lose their job

UK adults have voiced their fears over the UK economy according to independent research commissioned by credit report (links to /credit-report) provider www.callcreditcheck.com, with almost one in five couples (17pc) saying that they could not survive financially beyond one month if one of them were to lose their job. Fears over redundancy and saving levels appear to be highest among women aged 25-34 years of age, with one in four saying they would be unable to cope financially beyond one month if their partner was made redundant.

With almost one third of women (30pc) and one in five men concerned that their partner may lose their job in 2009, financial stress can cause real problems for couples and can even lead to a breakdown of the relationship. Just over half of all women (55pc) say that splitting up with their partner would leave them feeling financially vulnerable, a sentiment echoed by 49pc of men. The most concerned group appears to be women aged 35 to 44 years, with 60pc saying that they would feel financially insecure if their relationship were to collapse.

"Arguments over money can cause real problems in a relationship and 2009 is set to be a very difficult year for many couples, especially those faced with the threat of redundancy, along with rising bills and remortgage worries," comments Owen Roberts, head of www.callcreditcheck.com. "Our advice to anyone who is struggling with debt repayments, whether single or in a couple is to speak with their lenders before things become unmanageable or contact an independent organisation such as the Consumer Credit Counselling Service to work out the best way forward."

Callcredit's tips to beat the credit crunch

1. Set your budget and stick to it. Make sure you can realistically afford what you spend
2. Don't go too mad on payday. Having too much month at the end of your money is never an enjoyable experience!
3. If you do go shopping try using cash, it will highlight just how much you're spending
4. Do your homework. Use price comparison sites to make sure you're getting the best deals out there
5. Check your credit report at www.callcreditcheck.com - a snapshot of all your financial commitments will show you where you can improve your credit rating and save money