15 June 2009
Those who receive redundancy packages need to save the cash for the future, rather than spending it on a whim, it has been suggested.
Some people regard the money as a windfall, rather than as compensation and spend it as such, warned ATA Selection.
"While it is lovely to dream of [a] luxury holiday or of turning a hobby into a business, the top priority is to secure your financial future," commented Andrew Hardaker, Managing Director of ATA Selection.
He described spending the money on fulfilling dreams and ambitions as "an extremely risky option".
Figures from the Office for National Statistics show the number of unemployed people increased during the first three months of the year. The unemployment rate now stands at 2.22 million, the largest increase since 1981.