Youngest and oldest workers ‘most prone to redundancy`

A new report from local authority leaders has claimed that the recession is most severely affecting the youngest and oldest working-age groups.

The investigation, carried out by the Local Government Association (LGA), found that 38,000 people in the 18-to-24 age group were made redundant between October and December 2008. This figure made up around a quarter of total redundancies in the three-month period.

The over-50s age group made up another quarter of redundancies in that time.

A spokesperson for debt management company Gregory Pennington commented: "Redundancy has become a real possibility for many of the UK`s workers, and it`s important that people take action to limit the damage if they do lose their jobs.

"An emergency savings account can be a lifeline for people who suddenly find themselves out of work. Above all, though, people should take extra care to ensure their finances are in order – making sure debts and bills are being paid, in particular. Unemployment is never an easy situation, but if the person has debts to their name, it can be a lot more serious.”

---

Gregory Pennington offer a range of debt solutions, including debt management plans. If you are worried about debt, contact one of our expert debt advisers now.