There has been a 50% rise over the past three months in the number of people who fear being made redundant, according to R3’s quarterly personal debt tracker.

R3, the trade body for insolvency professionals, found that 4,258,737 fear being made redundant, while those aged between 25 and 34 are the most worried, with 16% expressing a concern.

The findings show that the number of individuals experiencing each ‘sign of financial distress’ has increased since the third quarter. The number of people who admit to falling behind with some of their bills and payments has increased by 60%, and now totals 3,785,544.

R3 President Steven Law, said: “These figures make grim reading. The number of people who have admitted to struggling has rocketed over the last three months