Coronavirus: 65% of Brits worried about financial security

Saleha Riaz
·2 min read
Some 42% said they are not confident about spending money and 23% said they were worried about job security and keeping their current role. Photo: Getty Images
Some 42% of Brits said they are not confident about spending money and 23% said they were worried about job security and keeping their current role. Photo: Getty Images

Around 65% of Britons are worried about their financial security as the pandemic continues into its eighth month and the UK economy suffers from the fallout of a second lockdown.

Research firm Toluna surveyed 1,093 people for its bi-weekly report called ‘Understanding the 2020 Consumer,’ in which 45% of respondents said they are less well off than they were before the pandemic hit.

Some 42% said they are not confident about spending money and 23% said they were worried about job security and keeping their current role.

The government is trying to tackle such issues. For instance, its Kickstart jobs scheme has created 19,000 jobs for out-of-work young people since its launch at the start of September.

The pandemic has also meant that some financial habits have changed: 40% said they will now save more for a rainy day or an unexpected crisis, while 38% have committed themselves to be better at budgeting.

Almost a quarter of Brits (24%) have vowed to pay off debts.

Respondents were also asked about how the pandemic has impacted other areas of their lives.

The research showed that Brits are not confident about holidaying any time soon, which makes sense given there are now new restrictions around travel.

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Current rules across the UK mean new arrivals have to self-isolate for 14 days, significantly deterring travel. Exemptions apply for countries with lower coronavirus infection rates, known as travel “corridors.”

Brits are also watching a lot more broadcast TV and radio and reading more books, as well as keeping our cupboards better stocked and cooking many more homecooked meals.

Meanwhile, a report by the Resolution Foundation found that almost one in four Brits' incomes is still lower because of COVID-19.

The study suggested that average incomes only “marginally” improved as Britain emerged from its first nationwide lockdown, after taking a heavy hit as the pandemic first spread. This is likely to cause worry amongst the public, now that a second lockdown is underway, devastating the high streets.

One example of this: Greggs has said (GRG.L) it is set to slash 820 jobs. The boss of the bakery chain, Roger Whiteside, warned that the company “will not be profitable as a business” if sales continue at the rates they have been in lockdown.

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