Miserable Monday is set to live up to its name as more people fear losing their job and a finance expert predicts a rise in the number of firms going bust over the next few months.

On the day the Government injects many more billions into the ailing banking system, and the Royal Bank of Scotland announces record losses, a survey has found that 28 per cent of Kent residents are worried about their job.

More than half - 56 per cent - say they feel worse off, and a whopping 68 per cent say they dread the weekly shop.

Today, is officially the most depressing day of the year because any pre-Christmas spending binge is coming home with the arrival of credit card bills, and for those in work, there is still at least a week to payday.

According to The Money Shop Monitor, a quarterly barometer of the nation’s cash-related habits, the best efforts by Kent retailers to lure shoppers could not lift spirits, as only five per cent of customers indulged in retail therapy to get through January.

The survey found that one in four Kent people - 27 per cent - have decided to stay at home this year rather than book a holiday, with only six per cent prepared to make other sacrifices to enable them to cruise to sunnier climes.

Andrew Bryan of The Money Shop, the UK’s leading instant cash provider said: "Whilst this week, for many the week before pay day, is notoriously difficult for those with bank balances left barren after the festive season, our research reveals consumer confidence is still at rock bottom, despite the pre-Christmas tax breaks.

"The need to take stock of personal finances has clearly never been greater."

Meanwhile, Steve Tancock, director of Smith & Williamson, business restructuring experts based in Maidstone, says the firm's turnaround specialists have already saved some firms from going under.

However, he warns it will be too late to restructure many other businesses and expects more local firms to get into financial difficulty between now and the summer.

"I expect to see insolvency increasing from the end of this quarter," he said. "Quarters two and three will probably peak and after that I don’t know.

"It’s going to get worse before it gets better."