Redundancy surge results in more men seeking debt advice

Posted 08/06/2010

The large number of people being selected for redundancy as a result of the recession has led to an increase in the number of men seeking debt advice.

Charity the Consumer Credit Counselling Service said it has given advice about finances to 50 per cent more men this year than was the case in 2007, before the economic downturn.

Almost half of the calls it received were related to reduced income from redundancy, unemployment or reduced hours.

Malcolm Hurlston, the chairman of the charity, said the news could have serious implications for many families, as it appears that working class men have been hit the hardest.

“Debt alone is no longer the problem; it is loss of income and other rising costs,” he warned.

In February, John Philpott from the Chartered Institute of Personnel and Development told Personnel Today he expected to see an increase in redundancy in the first half of 2010 because businesses would still not be growing following the recession.