According to the charity, the government is at risk of plunging a generation of people into financial difficulty unless arrangements are made to protect them in the upcoming pre-Budget report. The group warned that because older people often face higher inflation costs and can struggle to meet the costs of keeping homes warm during the winter, there is a danger that they will be particularly hard hit if the UK enters into a recession.

It noted that while provisions such as lowering income tax will likely be welcomed by many families and workers, it will have very little impact on those of pensionable age. As such, Age Concern warned that specifically targeted measures were needed to support older people through this difficult period.

Among the recommendations made was the introduction of a higher winter fuel payment subsidy, in addition to increases in the basic state pension and pension credits. It noted that such a move was necessary to reflect the real rates of inflation that old people are commonly exposed too. By enforcing such measures, it is possible that older people could find the strain on their finances is reduced, allowing them to meet other costs such as food bills or outstanding personal loan and credit card payments more easily.

In the meantime, Age Concern warned that half of all pensioners are cutting back on essential items such as food and clothing in an effort to make ends meet, while some ten per cent have been forced into debt as the credit crisis and soaring inflation have become an indomitable burden.

Commenting on the situation, Gordon Lishman, director general of the organisation, urged: “Millions of older people will be looking to the government to deliver a pre-Budget report that lives up to its rhetoric on fairness and eases their financial pressure and uncertainty. Alongside tax cuts, which are unlikely to help the majority of pensioners, the chancellor must also announce specific measures to help pensioners such as increases in the winter fuel payment and pension credit that truly reflect the high cost of living. The government must ensure that its fiscal stimulus package does not ignore the needs of millions of older people who are quickly running out of ways to pay their bills.”

Meanwhile, Age Concern also called for improved protection for those who are nearing the end of their working life after research indicated that older employees are likely to bear the brunt of the majority of redundancies as the country heads into a recession. In such a scenario, it could be possible that more people are caught out by the pensions pinch. According to the Life Trust Foundation, increased life expectancy presents a growing risk that millions of older workers will be unable to save for their retirement. The group warned that the current economic climate has exacerbated this problem as people have begun saving less as their incomes are absorbed by food and fuel bills, in addition to other commitments such as mortgages, personal loans and credit card repayments.

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According to the group, motorists are collectively forking out more than 120 million pounds to cover the cost of breakdowns as a result of their decision that roadside recovery insurance is an unnecessary expense. The group warned that this game of “roadside roulette” has ended with more than two million people around the country footing the bill for breakdown assistance. It went on to claim that while drivers may be able to cut down the costs of motoring in the short term by cutting back on recovery insurance, some have found themselves facing costs three times higher than the typical policy to have their vehicle towed in an emergency.

For drivers who are on the lookout for a new vehicle, taking out a car loan may prove an effective way of purchasing the motor of their dreams without putting undue strain on other areas of financial commitment. Indeed, the financial flexibility that a loan provides could allow people to meet costs of breakdown cover and comprehensive insurance in order to ensure that they are protected in the event of an emergency.

Indeed, the AA warned that while more people may be looking to cut back as the credit crisis rumbles on, skimping on breakdown cover may end up putting an additional burden on already stretched purse strings.

Andy Taylor, winner of AAs Patrol of the Year award, advised: “It might seem tempting to save a few quid now and gamble that your car will carry you through the downturn without crunching to a halt - but driving without breakdown cover is like roadside roulette. It will cost you dearly if you break down - in money, time and sheer stress. Just ask those who have lost 120 million pounds in the last year - thats enough to buy 12,000 new cars. Battery and tyre problems and mishaps with keys cause a third of all breakdowns and can strike at any time, regardless of the age or type of car.”

The AA went on to claim that those without breakdown cover may wish to apply for a policy quickly as the peak breakdown period is approaching. It warned that as the weather grows colder, there is a sharp rise in the number of engine failures and other faults. As an example, it noted that extended use of car heaters and lights means that drivers are more than twice as likely to run down their cars battery as they are during the summer.

Elsewhere, LV= has also urged consumers who are considerate of high car costs to make sure they clear out their car to avoid attracting the attention of thieves. It noted that approximately a quarter of all motorists had had their car broken into in recent months.

For those who are searching for a new vehicle, taking out a car loan could afford people the flexibility to invest in optional extras such as alarms and immobilisers to deter would-be thieves.

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The firm explained that while many consumers main priority may be incubating their nest egg during these difficult times, it is likely that as people become more hard done by, there is likely to be a rise in the number of burglaries.

According to the group, there is a historic link between the financial fortunes of the country and the rates of burglaries and other instances of theft. Its records show that during the last recession, between May 1990 and March 1992, the number of residential break-ins rose by 33.8 per cent. So too, official figures from the British Crime Survey also show a similar heightened risk of burglary.

And in recent months, home secretary Jacqui Smith has warned that Britain may again need to brace itself against an impending spate of burglaries as more people are driven to the wall financially. In a public letter written in August this year, she alerted homeowners to the link between economic adversity and rises in acquisitive crimes such as burglary, theft and robbery.

Meanwhile, Abbey warned that those consumers who lack adequate insurance could find the stress of being burgled compounded by the financial constraints of replacing stolen items. This in turn could impact on their ability to make mortgage contributions or pay off credit cards and personal loans. In a bid to prevent such a scenario, the group urged homeowners to take out cover quickly to avoid being caught out by the recession and a concomitant rise in crime.

Responding to Ms Smiths suggestion that burglary rates will rise seven per cent this year and a further two per cent in 2009, Thierry Campet, sales and marketing director at Abbey Insurance, said that the admission should serve as a warning to consumers without cover.

“When household budgets tighten and families look to cut back on financial expenditure there are the usual outgoings that people feel they can cut back on. Wrongly, many people believe home insurance is one of these. However during these times, protection is increasingly important and should not be overlooked. At this stage, not many insurance policies provide cover for an unlimited amount. Policies without this provision may not cover you for the full amount of your home contents. Look for peace of mind with an unlimited sum policy,” he advised.

For those without such cover, it is possible that structural repairs and replacement of items will have to be covered using personal loans or existing savings.

Consumers who are concerned about the rising risk of burglary may wish to apply for a home improvement loan in order to boost their home security. Indeed, such measures could prove particularly useful during the winter months. According to Halifax, there is a sharp rise in the number of break-ins witnessed during this period as burglars take advantage of the extended hours of darkness.

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New figures from Halifax note that while the famous London borough has long been considered a haven for the rich and famous, half of all the top 50 most expensive streets in Britain are located there. And while there are plenty of high-value postcodes found in the area, residents in the Vale may take a certain satisfaction in knowing that they live on the most expensive road in the country. According to the financial services provider, the typical house price on this street totals 4.68 million pounds, more than 200,000 pounds dearer than its nearest rival, which is Ingram Avenue in Barnet.

For those people who are setting their sights a little lower as they look to put their foot on the first rung of the property ladder, taking out a cheap loan may prove an effective way to boost deposits and make their offer more appealing to lenders during this difficult period.

And for homeowners looking for cheap property in the capital, they may find plenty of houses that are out of their price range after Halifax figures showed that 39 of the 50 most expensive roads were located in London. Meanwhile, house hunters may also like to avoid the south-east and Poole in the south-west, as these areas filled out the remaining 11 positions in the top 50 most expensive postcodes.

Indeed, Panorama Road in Poole was the only street outside of London to make an appearance in the top five, with house prices there totalling a typical 4.16 million pounds, putting it in fifth position, behind two more Kensington and Chelsea postcodes which came in fourth and third.

Commenting on the preponderance of the borough of Kensington and Chelsea addresses in the list, Martin Ellis, chief economist at Halifax, said that the area had always been considered a cool place to live among celebrities, although in recent years house prices may have received a further boost from the financial sector.

“Chelsea and Kensington have some of the most expensive streets in England and Wales. The Royal Borough has been a highly fashionable area to live in since the swinging 60s. In recent years, its prime location in central London has attracted affluent celebrities and ultra wealthy foreign businessmen helping to drive up house prices,” he said.

For buyers who have struggled to get ahead in the property market in recent months as access to cheap mortgage lending has dwindled and acceptance criteria has tightened up, taking out a personal loan may prove a lucrative weapon in the battle to secure the keys to their own home. By boosting the size of their initial deposit, consumers could find they are able to encourage banks to extend a competitive mortgage deal for the purchase of a new property. Opting for a loan for this purpose may become increasingly important after the Council of Mortgage Lenders warned that the availability of home purchase loans may constrict further as the country moves towards a recession.

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In figures released by the Alliance Trust Research Centre in its latest financial reality index, it was indicated that the standing of British households economic situation plummeted during the third quarter of this year. According to the research centre, the score tracking consumers fiscal standing continued the sharp decline that had first begun in 2007 reached 43.4 - the lowest point it has ever recorded since it began the research more than ten years ago. Such a figure, it was also revealed, is below the “critical” level of 100. Overall, declines in all three of the indices that consist of the organisations financial reality index were noted.

It was noted that a particularly dramatic fall occurred within the sub-index tracking British households budgets. This measure of the financial reality index was shown to have fallen from the 31.9 noted in the second quarter of this year to stand at 22.9 between August and October. Such a figure, the Alliance Trust Research Centre reveals, is an all-time low and is a continuation of the indexs habit of being “consistently below” the critical 100 level that has been seen since 2002. Such a fall was reported to be driven a by fall in real earnings and inflation for basic goods reaching 15 per cent.

Meanwhile, the net wealth index was revealed to have fallen by some 34.6 points during the last three months to stand at 6.9. The decline was largely attributed to dropping property prices and equity values over the course of this year, which in turn have contributed to “drastically reducing” consumers net wealth. Meanwhile, the increasing unemployment rates and a slowdown in gross domestic product growth have resulted in the economic background index dropping from 122.6 to 114. This fall, it was pointed out, is the fourth consecutive quarterly decline.

As a result of such negative figures with regards to finances, it may be possible that consumers find they are increasingly struggling with keeping up with various monetary commitments. Such areas could well include personal loans, credit and store cards, household bills and mortgage repayments.

Commenting on the figures, Shona Dobbie, head of the Alliance Trust Research Centre, said: “Our financial reality index shows very clearly how greatly the drop in household wealth over the last quarter has hit consumers financial wellbeing. Sharp falls in house prices and share prices mean it is the household wealth index that performed worst last quarter, alongside the other two key factors that are families budgets and the economy. Poor figures across the board in all three categories mean that consumers are now facing the worst financial reality in the course of our 11-year study.”

It was stated that since the index was launched the research centre has witnessed a “very close relationship between consumer spending and financial reality”.

Ms Dobbie added that during the past three years this trend has been impacted upon by those Britons who have continued to “spend despite increasingly worsening financial circumstances”. However, it was stated that people are now beginning to get a realistic grip on their finances and are starting the process of spending within their means once more.

For those consumers holding concerns about their ability to manage their money in the months to come applying for a cheap loan might prove to be of assistance. By selecting this kind of loan, borrowers could find they can meet various spending commitments - such as mortgage arrears and outstanding credit card bills - quickly, allowing them more disposable income at the end of each month. This could prove to be particularly useful after Axa recently revealed that some 20 million Britons have dipped into their savings schemes in order to meet various costs over the course of this year.

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According to Lloyds TSB, Europe is the most common destination for those who have jumped ship and earned a living abroad, with more than half (56 per cent) of people doing so. However, a fifth (20 per cent) of Britons have headed further east, going to work in Asia. Furthermore, nearly the same proportion (18 per cent) said that they had worked both in North America and the Gulf.

For those who are planning on heading abroad in the coming months, whether for work or leisure purposes, taking out a personal loan may prove an effective way to pay for travel and accommodation during the early days of such a trip. This type of loan may be of particular interest to those who are heading abroad to expand their career horizons, with nearly a quarter (24 per cent) of those Brits who have done so citing this as the primary reason for leaving. Meanwhile, 25 per cent said that working abroad was necessitated by a new job. However, nearly a third of people said they were drawn overseas to absorb new cultures and experiences.

However, Lloyds TSB was quick to point out, moving overseas to take on a new job sometimes left people in difficulty. While more than half (53 per cent) said that they had trouble being away from friends and family for extended periods, some experienced problems dealing with lifes financial practicalities. Of those questioned, a fifth said that they had difficulty setting up bank accounts, managing their mortgage and making payment arrangements on items such as credit cards, personal loans or other debts owed in the UK.

Commenting on the findings, Stephanie Cousin, head of operations at Lloyds TSB International, said: “Were certainly a nation of intrepid travellers and whether its to gain international work experience or simply escape the weather, its clear that many of us may be working overseas for part of our career. Living away from home can be stressful, so you need to do your homework and sort out the important things, like finances, before you depart.”

Doing so may be of particular importance to men after further findings from the group showed that they are almost twice as likely to work overseas as women are. While some 22 per cent of females said they had done so, 42 per cent of males said they had spent time abroad working.

Whether planning a winter getaway or preparing themselves for an occupational exodus, consumers who are planning on going abroad may wish to take out a personal loan to help cover costs. Meanwhile, a loan may also be of use to those who have got their sights set on overseas adventure after a study by Cater Allen Private Bank revealed that more than half (54 per cent) of British holidaymakers plan their trip with a view to doing some form of activity such as scuba diving, skiing or horse-riding.

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According to the group, one quarter of respondents to a recent study felt they are able to save a sufficient amount, while just over half (52 per cent) were hopeful that they would be in six months. However, while it noted that relatively few people feel they are in a sound position at the moment in terms of stashing spare cash, there has been a slight increase in the number of people who are optimistic about their saving prospects over the next half year. It noted that last month, fewer than half (47 per cent) of people said they were confident they would be saving enough in six months. It noted that this five per cent improvement could be taken as a positive sign of growing consumer confidence, particularly considering that the festive period - one of the most expensive times of year - is drawing near.

For consumers who are unsure of their ability to meet Christmas costs this year as adverse economic conditions have stifled cashflow, taking out a cheap loan may be an effective way to do so.

And while consumers may be cautious about paying off personal loans and other such responsibilities, Nationwide has noted that there has been a marked increase in peoples perceptions of their future economic situation. It claimed that last month, the expectations index - which is used to measure sentiment surrounding economic prospects - registered a 17 per cent increase. Nationwide claimed that this rising confidence may be a strong contributing factor to the growing belief that people will have more disposable cash to save in six months.

Commenting on the figures, Matthew Carter, director of savings at the company, said: “The fact that half of consumers are still failing to save or are only saving occasionally is a concern [...] However, our latest research shows a slight increase in the number of people who are feeling positive that they will be able to save the correct amount in the future, which is small step in the right direction. I hope more consumers put firm savings plans into action soon. The current financial climate will have raised awareness about the importance of having savings and we hope this, combined with joint industry and government education programmes, will encourage people to save regularly going forward.”

For those who are struggling with costs as the Christmas period approaches, taking out an unsecured personal loan may be an effective way to purchase presents, food and wine without risking defaulting on other payment responsibilities. And with a low-rate personal loan, consumers could even put any money left over into a high-interest savings vehicle to shore up their finances as a year of economic turbulence comes to an end. Parents may also like to send some money their childrens way to teach them the value of saving after Halifax revealed that many youngsters feel their pocket money is insufficient to support their spending habits.

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In the period from July to September 2008, the group recorded rises in the number of unemployed people and the number of Britons who are claiming benefits while they are out of work. Meanwhile, the number of available jobs has fallen, indicating that employment opportunities are contracting in line with the overall economy.

For the three-month period, the rate of unemployment in the UK stood at 5.8 per cent of the total number of people who are economically active. This represents an increase of 0.4 per cent on figures for the previous quarter and 0.5 per cent over the year. This amounted to an additional 140,000 people entering unemployment during the course of July to September.

As more people enter unemployment, it is possible that a growing number begin to experience difficulties keeping up with financial responsibilities. Such areas of commitment could well include mortgages, credit cards, utility bills and personal loan repayments.

Indeed, the ONS noted that as the number of people who are out of work rose, so did the number of people claiming jobseekers allowance, indicating that Brits are keen to tide themselves over while look for more work.

And while the statistics have caused alarm in some circles, the Department for Work and Pensions (DWP) has urged consumers to remember that in a relative sense, the employment position in the UK remains strong.

The organisation stated that there are thousands of jobs still available, while governmental funding can support people while they search out new work.

Tony McNulty, minister for employment, said: “Every time a worker loses their job it is a personal tragedy and the government is doing everything it can to get those people who have become unemployed back to work as quickly as possible. People who are worried about the current downturn need to know that there are jobs out there - the claimant count may be rising, but large numbers of people are also moving off benefits and into jobs. Those people who do find themselves unemployed are getting real help early on and today we are doubling the funding for Jobcentre Plus.”

For those who have been struck off in recent months as the world enters a period of economic slowdown, the DWP assured people that there are plenty of opportunities to re-enter the workforce. It explained that more than 10,000 job postings are generated through Jobcentre Plus everyday, while other regional recruitment portals produce thousands more. During the three-month period to October, it estimated that there were 389,000 unfilled vacancies.

Meanwhile, commenting on ONS figures showing that the country has entered a period of economic contract, independent financial advice site the Motley Fool warned that many Britons are struggling to put money aside for the future as payment responsibilities wipe out their wages. For those who have found themselves in such a situation, taking out a debt consolidation loan may be an effective way to get back on the road to financial recovery.

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According to AXA, more than one in three UK residents have misled a partner, friend or familymember about the stability of their finances. Furthermore, the group warned that with the global economic outlook appearing less rosy, many more may feel it is necessary to spin a few tall tales when it comes to discussing their cashflow position.

However, a leading psychological expert has claimed that now is actually the perfect time to come clean about debts and look to take a fresh approach to managing money. Commenting on the findings of the AXA study, Andrew Kinder explained that hiding the facts about financial insecurity is likely only to exacerbate them in the long term.

Indeed, he warned: “This is the worst possible time to be in denial about your finances. Unburdening your financial transgressions, even anonymously, can be a crucial first step to taking better control. There is often much more behind a deception, even a relatively trivial one. You tend to find that when people make a confession theyre much better able to deal with these underlying problems.”

For those who have found themselves overburdened by mounting payment responsibilities in recent months, taking out a consolidation loan may prove an effective tool in scaling the debt mountain. In applying for this type of loan, consumers could find they are able to stretch repayments over a longer period, thereby increasing monthly cashflow and reducing the likelihood of being drawn further into the red by missed payment charges.

Meanwhile, Alison Green, a spokesperson for AXA, urged people to come clean about their finances, claiming that the only people they are deceiving are themselves.

“With harsh times ahead, people are likely to be in an ongoing cycle of panic and denial. Now is the ideal time to come clean and kick-start a more proactive approach to managing your cash and planning for the future,” she commented.

Further findings from the group indicated that it was common for many people to hide major purchases from their friends and family, with one parent even confessing to raiding his childs savings account and claiming that the money was a bonus from his work. His actual bonus had been cancelled as the credit crunch bit down.

Meanwhile, another lady who responded to the AXA study said that she had splashed out 70 pounds on face cream and decanted it into the bottle of a cheaper product to hide the purchase. Another respondent said that she had felt it necessary to lie about the size of her paypacket because her partner hoped to live off her income.

For those who have not been able to cope with the costs of supporting their household as bills rise and access to credit diminishes, taking out a debt consolidation loan may prove an appealing way to get back on their feet financially. Applying for a consolidation loan may be necessary for a growing number of Brits, as a study from the Motley Fool warned that many residents are unprepared to cope with a recession.

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Indeed, it noted that the most expensive store card is now charging borrowers more than 30 per cent annual percentage repayment (APR), meaning that people may do better to pay for presents with cheap loans or credit cards if they are short of cash in the run-up to Christmas. The independent advisers probe into the state of the store card market comes after a critical report by the Competition Commission, which said that many providers were making “excessive profits” on the back of unfavourable credit card rates.

It noted that in recent times, both Principles and Oasis store cards have been hiked by four per cent, taking their APRs to 28.9 per cent. Money Expert warned that the top half of the market offers an average APR of over 27 per cent, more than one a half times more expensive than typical credit card rates, which stand at 16.9 per cent. Meanwhile, only one store card - from Fortnum and Masson - was found to offer rates lower than standard credit card APRs.

After being hit by larger than expected store card bills in the wake of Christmas and new year celebrations, consumers could find that their ability to manage other areas of financial commitment comes under strain as 2009 gets underway. Areas of difficulty could well include keeping up with mortgages, credit card and personal loan rates.

Indeed, Sean Gardner, director of Money Expert, warned that people need to be alert to the large repayment responsibilities wrapped up with store cards.

“Store cards can be a useful way of qualifying for instant discounts but when it comes to borrowing they are a complete rip-off. The fear must be that with other forms of credit running dry, desperate consumers will be tempted into expensive deals as a last resort for Christmas. As soon as the interest-free periods expire, store card users will face huge APRs. Many will plan to pay it off but our research this time last year showed that one in ten were still clearing Christmas debts incurred 12 months previously,” he said.

The website noted that many cards will attempt to lure people in with prizes, discounts and previews, in addition to zero per cent APR offers for limited periods.

However, it explained that in the main, these still do not compare favourably with credit cards, 64 per cent of which boast zero per cent periods lasting between three and 12 months. So too, with credit cards, APRs after this period are substantially lower, the group claimed.

For those who have been caught out by rising debt levels as cheap credit has dwindled, taking out a debt consolidation loan may prove an appealing way to get finances back on track. Indeed, consumers may find themselves struggling to clear off debts racked up over the summer after Alliance & Leicester warned that store cards cost consumers considerably during the holiday sales.

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