One in six Britons believe the UK is already in a recession, reveals a report by consumer finance site Fool.co.uk.
While many ‘recession virgins’ have yet to notice the downturn a significant amount of homeowners acknowledge the uncertain time with 74% deciding to sit tight until the market returns.
The report, ‘Cracking the credit crunch: recession veterans vs recession virgins’, studied the differences in opinion and behaviours of recession experienced and inexperienced age groups and highlights the uncertain financial sentiment among the citizens of the nation.
One in 20 fear a recession will continue indefinitely, with 31% predicting it will last at least two years.
The website says an additional 20% of the over 1000 adults polled are filled with fear at the slightest suggestion of a recession.
Already 3% of those polled have lost their homes and 6% have lost their jobs.
David Kuo, head of personal finance at Fool.co.uk, says: “The term ‘credit crunch’ has become a part of our everyday vocabulary over the past eight months, but it’s instructive to see how people feel about a looming recession.
“In an economic downturn there will be opportunities and threats, and we can take steps to maximise the first and minimise the second. And simple measures such as reining in spending will ensure that we have a pot of spare money tucked away to see us through a slump.”