How can the recession affect me?

Question

I have a job a house savings and no mortgage.

Answer 1

In a recession it is more likely that you will be made redundant or your pay rise will be lower that it would otherwise have been. Your house is more likely to devalue and will be harder to sell if you decide to move.Inflation may go up increasing the cost of everything from food to a new car.Other institutions like the N.H.S. or public transport may make cuts in staff to save money which may well affect you if you need to use them.Share prices may fall and your investments like shares in your pension scheme will pay out less when you retire.Opportunities to move jobs will reduce and general investment by the government in roads etc may will be postponed.Your company may make cut backs and delay replacing equipment , company cars training etc.As more people lose there jobs the taxpayer has to pay out more in unemployment benefit while there are less working people contributing so the governments finances get worse and they may decide to increase income tax to close the gap in the shortfall of revenue.

All very depressing but it will affect you !

Answer 2

if you have a car you will feel it more on the fuel, and also your food bills will go up just like everyone, i also have a good job and money in the bank but i rent , and over the last few months my fule station has been putting ££££ up every week last month it was 108.9 and today its 126.9

Answer 3

Are you bragging?  Should we all bow down to you?

Answer 4

lucky you .... recession affects people who are unemployed as less employers are willing to employ more people, getting a mortgage becomes difficult as you probably have seen on the news channels ... but it's great that you're ok ... good luck.