Majority of people still worried by their financial situations, whilst job security weakens

Monday 29th January 2018

Leading local advice charity, Citizens Advice Exeter, today releases the results from its sixth economic well-being survey.

Citizens Advice Exeter Chief Executive Steve Barriball said: “A key finding is that more than half of those who responded to the survey, some 56%, said that they were worried about their financial position. Whilst income levels remain flat, with only 12% of those responding saying their income levels had increased, 22% of respondents had been able to reduce their outgoings.  39% of those who participated in the survey told us that they had not received a pay rise in more than two year’s. This is the highest level since we started these surveys over two years ago.”

Steve continued: “The largest area of borrowing, some 34%, is from friends and family. This suggests that for many people the ability to borrow through more traditional sources, such as credit cards or loans and overdrafts, are becoming limited for those working on short-term or zero-hours contracts. The inability to demonstrate a secure level of income reduces the borrowing options of many people. A further concern is that one-third of borrowers were unsure whether their lenders were lawfully registered and authorised.”

Steve finished by saying: “In terms of job satisfaction, overall, 83% of respondents were fairly happy or better with their employment situation. This is 3% higher than in June 2017. In terms of job security, some 73% of respondents rated their employment situation as fairly secure or better, this is 5% lower than in June 2017. With insecure employment, such as short term or zero/low hours contracts, many people are finding it difficult to budget from one month to the next.”

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