The ABI's Savings and Protection survey for the fourth quarter of 2009 questioned 2,500 adults on their views on the economy, and how it affected their attitudes to saving and protection.
Despite many economists predicting that the UK will exit recession soon, the survey revealed that nearly a third of respondents expect the economy to worsen in 2010, up from 22% in the third quarter. Only 39% were optimistic about the economy in 2010, down from 52% who felt the same in the previous quarter.
Worries over job security increased in the final quarter of last year
Worries over job security increased in the final quarter of last year. Over 30% said that they were more concerned about their job security than they were three months ago, up from 27% in the previous quarter.
"Despite continued fiscal and monetary policy intervention, consumer perceptions of the economic prospects and their own job security in 2010 have deteriorated," said Dr Rebecca Driver, the ABI's Director of Research and Chief Economist.
"Seven-in-ten people feel that they would cope badly financially if they lost their job, with four-in-ten admitting that they had not made adequate financial provisions to enable them to cope with a large, unexpected expense."
