Job security fears 'still hitting consumer confidence'

Job security fears are hitting the financial confidence of a number of the UK's consumers, an expert believes.

According to the director of GfK Consumer Products and Retail, Ivan Browne, people are unlikely to forget the recession in a hurry.

He commented: "There is a long way to go before consumers accept we are through the worst of the recession, which means retailers will continue to see a slow recovery in spending."

Mr Browne went on to discuss research that his own organisation has recently conducted relating to people's feelings of job security.

As many as one in five of the people questioned by GfK expressed fears that they might be made redundant in the near future, the expert revealed.

Credit card debt may also be causing concern for some consumers, with Citizens Advice this month suggesting that its bureaux received 7.1 million queries about various financial matters during 2009/10 in England and Wales.

Posted by Tom Burroughs.