R3, the insolvency trade body, revealed that those aged between 25 and 34 were the most worried about redundancy, with one in six (16%) expressing concern.

R3’s quarterly debt tracker also showed that there has been a 60% increase in the number of people admitting to falling behind with their bills and payments.

Steven Law, R3 president, said: “The number of people who have admitted to struggling has rocketed over the last three months, but this is just the tip of the iceberg. There will be many more below the waterline who are struggling and have not yet admitted it.”

He added: “It is alarming that many believe that their jobs may be under threat and this fear may indicate that many believe that the worst is yet to come. The high level of concern amongst those aged between 25 and 34 may reflect their fear that they are more dispensable as they are less experienced.”

More than a quarter of people said that they are saving less than usual, up 3% on the previous quarter, and more than three million people have taken on more debt in the last three months.

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Law said: “It is startling that so many people have taken on further debt, especially when many believe their job to be at risk.

“The fall in the number of people who are saving suggests that savers may have been discouraged by low interest rates; however, it is always a good idea to ensure that people put money away for a rainy day.”