Hotel and shop workers vulnerable to crunch
Hotel and shop workers vulnerable to crunch
Tuesday 30th September 2008
According to research conducted by moneysupermarket.com, just under six per cent of workers in these sectors have protection payment insurance (PPI) - meaning that they could struggle to make repayments on their debt if they are made redundant.
People employed in the agriculture sector are even less protected against a downturn, with just two per cent having PPI in place.
Conversely, financial services workers, who can typically expect better salaries, were found to be the most likely to have protection insurance at 39 per cent.
The findings come after David Blanchflower of the Bank of England's interest-rate setting committee predicted that 6,000 workers will be made redundant every month as the economic crisis continues.
Consumers who are concerned they are at risk of developing a debt problem are urged to seek specialist advice from a debt management company.
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