Consumers used their savings and took on debt in order to fund increased spending during November, according to new research. Markit, the information services company, said that 29% of people reported that their household finances had got worse during the month, compared with just 7% who reported an improvement. People reported a fall income for the second month in a row, with pay dropping at its fastest pace since March 2009, while job security among public sector workers hit its lowest level since the survey was launched in February last year. But despite these worries, spending increased during November, and a slightly faster pace than in the same month of 2009. But Markit said consumers appeared to be taking on debt and using their savings to fund it, with the group recording a record rise in the rate at which people took on debt during the month. There was also a steep fall in savings levels. Tim Moore, economist at Markit, said: "With a fiscal squeeze hanging in the air, the November Household Finance Index data suggest that households are extremely concerned about the state of their current finances and the outlook for next year. "As Christmas approaches, retailers will cast a nervous eye towards the ongoing weakness in household finances. Attitudes towards making major purchases deteriorated substantially in November. This tends to be an accurate advance indicator of wider spending trends, so points to subdued consumer demand in the coming months."