Unemployment | 24/7 Moneybox Blog

Posts Tagged ‘Unemployment’

Increasingly more people feel the emotional strain of financial problems

Wednesday, July 15th, 2009

Are you getting depressed about money? BBC Online highlights comments from the counselling charity Relate who are arguing that many younger people are becoming increasingly depressed about their financial situation. Of the 15,000 young people that they see every year, about a quarter of them are depressed about money or a lack of it.

Often these money problems significantly compound other problems that young people might already face, such as marital breakdown, and can lead to further behavioural problems. Relate findings show that money problems can strain family relationships, worsen behaviour academically and damage relationships with friends.

With increasing unemployment and difficult economic conditions it is expected that this problem will be exacerbated over the next few years if the recession deepens.

Relate’s Paula Hall advises that there is a fine line between being realistic and being hopeful. Depressed realists have got to understand that ‘we aren’t going to be in a recession forever and we are still in a fairly wealthy country’.

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Tags: Depression, Recession, Unemployment
Posted in Credit Crunch, Recession, Unemployment | No Comments »

Paid to stay home - the CBI’s new measures to tackle redundancies

Tuesday, July 7th, 2009

How would you like to be paid to stay at home and do nothing? Well, that’s exactly what the Confederation of British Industry’s (CBI) ‘Alternative to Redundancy’ (AtR) scheme has suggested that employers should do. By putting workers into a low-paid limbo rather than making them redundant, the company is better able to respond to surges in demand. Times Online reports that the ATR scheme would give workers £130 a week, half of which would be covered by the employer and the other half by the Government.

Workers would stay on the scheme for six months and be ready to be re-hired at any time in this period. The CBI’s deputy director John Cridland sees this scheme as a way to help ‘business cope with sharp drops in demand’ yet also be prepared for recovery, while workers will be able to benefit from ‘improved financial support and a door that is kept open for six months’.

Opposition has been raised by unions, in particular Brendan Barber of the Trade Union Congress (TUC), who deem the proposals to be just another way for employers to short-circuit the current redundancy rules. With the AtR measures, employers would be able to fire workers with just four weeks notice rather than the 90-day consultation period, and any worker who is on the AtR scheme and accepts a job will lose all redundancy benefits effective immediately.

Barber argues that it is better to ‘keep people in work or training with their employer rather than sitting at home’; the TUC argues instead for wage subsidies that are now common in the rest of Europe. Cridland hit back, saying that subsidies are too costly for Britain’s finances. He argues that the AtR is not about letting business avoid their responsibilities, and points out ‘that if a scheme runs for six months and a redundancy is still made, then the business will actually end up paying more’.

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Tags: Benefits, CBI, Recession, TUC, Unemployment
Posted in Government, Recession, Unemployment | No Comments »

Beware of cuts in the minimum repayment level

Monday, July 6th, 2009

Are you one of those who will see a cut in the minimum repayment on your credit card? Times Online reports that Barclaycard, the largest issuer of credit cards, said the changes will take effect from next month. Some 12 million people will enjoy the level falling from 2.25% to 1.5%. Beware though: the bank’s act of ‘generosity’ will actually make you pay back more in the long run.

The announcement follows figures showing that £2.7 billion of new debt has been shouldered by the UK economy in just the first quarter of this year. Savings, on the other hand, have hit an all-time low of £14 billion according to Unbiased.co.uk. This equates to 19p borrowed for every £1 saved. So more doom and gloom is being spelled out by industry analysts. Meanwhile, debt counselling services have reported record numbers of people seeking advice after being made redundant.

You would think that the cutting of minimum repayment levels is seen as a generous act by credit card companies. However, Martin Lewis from moneysavingexpert states that their existence at all is actually based on ‘keeping customers perpetually in debt’. By paying less back there is a greater amount still owed to the company, therefore the rates charged will increase the amount of interest that will need to be paid back when the loan is finally paid off.

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Tags: Barclaycard, Credit Cards, Recession, Unemployment
Posted in Credit Card, Credit Crunch, Payday Loans | No Comments »

Hurrah! Mortgage approvals up - some good news at last

Monday, March 30th, 2009

Official figurers released by the Bank of England show that mortgage approvals increased more than expected in February. There were 38,000 approvals in the month, up from 32,000 in January.

Citing a BBC article, Vicky Redwood at Capital Economics believes February’s household borrowing figures suggest that housing market activity may finally have turned a corner. However, approvals have a long way to go before they get to levels that are no longer consistent with falling house prices - in fact they need broadly to double.

Well, at last some positive data has come out, and what with the clocks springing forward and Jenson Button winning in the Aussie GP what a good way to start British Summer Time!

However, it’s not all good news this week as unemployment figures creep up. David Blanchflower, Bank of England Monetary Policy Committee member, warned that unless the government takes drastic action to tackle the recession, spending up to £90bn on new projects, unemployment could double to as high as 4 million.

Quoting from a Telegraph article:

‘The Bank’s forecast is that there will be a strong recovery and that this will pick up later this year, but there are strong arguments about why that won’t happen,’ he said. ‘The problem is that in forecasts [economists] tend to be over optimistic. Likewise, the probability is that unemployment of 3m is an underestimate.’

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