Press Centre

Asda survey reveals widespread fear of losing job

  • 49% are worried about losing their jobs in the next 6 months
  • Only 35% think their job is secure
  • 67% prepared to take a pay cut or reduced hours to avoid losing their job
  • 50% believe their pay will be frozen this year or will fall
  • A further 15% think their pay rise will be lower than last year

A nationwide poll conducted by ASDA has revealed millions of people fear losing their jobs in the next six months, with many ready and willing to take a pay cut or reduced hours to prevent being made unemployed.

The survey found that more than two thirds of people are prepared to take a pay cut or pay freeze, with nearly half worried about losing their jobs. Only 35% of people currently feel secure in their existing role.

The study comes on the back of the latest ASDA Income Tracker, which revealed that the average UK household had £131 a week of discretionary income in February 2009, 9.2 per cent less than a year earlier and the lowest monthly value since the ASDA monthly income tracker began.

It means families are £13 a week worse off than a year earlier. This larger than expected fall was due to a sharp drop in earnings growth caused by a collapse in bonus payments across the economy, and weaker pay settlements due to further deterioration of the labour market.

Andy Bond, ASDA President and CEO said:
“Consumer confidence is the key to economic recovery, so it is essential that people are reassured that the fear of losing your job is much higher than the reality.

“Retailers also have an important part to play. By removing unnecessary cost and waste from our businesses, we can help lock down inflation. And by keeping prices as low as possible, we can also encourage people to keep spending their hard-earned money.”

The ASDA survey also found that only five per cent (one in 20) said they’d spend any extra money they receive as a result of measures announced in the budget. Instead most will save it, pay off debt or invest it.

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Posted in Press Centre on 06 April 2009