R3 comments on today's unemployment figures
Steven Law, R3's Policy Group Chair:
“Unemployment levels are down slightly on the quarter, this is heartening news and perhaps an indication that the Olympics did bring the boost that was promised. Furthermore, in August, the Insolvency Service’s statistics showed that personal insolvencies are also down on the quarter. Both of these are very positive signs for the state of the nation’s personal finances, but we should not get complacent.
“There are large numbers of people who, in spite of their employment status, are hiding real financial difficulty and fall outside of the official statistics. Research by R3 has found that 54% of people are worried about their current level of debt and there are swathes of people in informal Debt Management Plans.
“Furthermore, over a quarter (28%) of people have no savings at all and the same percentage believe their personal financial situation will worsen in the coming months. Seeking professional, regulated advice and taking a proactive approach to tackling your personal financial issues could stop a bump in the road, turning into a something much more serious.”
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Notes to editors:
- R3 is the trade body for Insolvency Professionals, and is made up of 97% of the UK’s Insolvency Practitioners from all over the UK.
- R3 comments on a wide variety of personal and corporate insolvency issues. Please contact the press office, or see www.r3.org.uk for further information.
- R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by one of nine recognised professional bodies.
- R3 stands for ‘Rescue, Recovery, and Renewal’ and is also known as the Association of Business Recovery Professionals.
R3 Press Office