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Employers are set to become more choosy about who they hire, therefore leading to a highly competitive job market because of the financial downturn, one expert has warned.

And although those responsible for taking on new staff will keep looking for potential employees, they will be more selective about who they choose, claims Steven Kirkpatrick, managing director of Adecco Retail.

"They’ll want to stay close to the market to make sure that they still have access to the best people when they become available, but won’t necessarily be hiring as freely as they have done in recent years," he says.

People worried about job security or a drop in income may want to consider taking out a secured loan, which could be open to more households than other loans as it may be secured against a property should a borrower stall on repayments.

The Trades Union Congress has previously reported that unemployment will rise from 1.7 million - what it currently stands at - to over two million by the end of 2009.

Secured loans could therefore provide some financial security for households struggling to pay for outgoings and wondering about the security of their job.