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Pressure on budgets

One in three turn to savings to make ends meet

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One in three Britons are turning to savings to make ends meet as almost two-thirds cut their spending because of the Coronavirus outbreak.

New research from Ipsos MORI says more people have lent or given money to a friend or family member although 75% of people says they don’t want handouts.

Only one in ten (11%) of Brits in work say that their workplace remains unchanged while a fifth (20%) have been furloughed and 17% have seen a reduction in take home pay. Just under a third (29%) say that their workplaces have closed.

Kelly Beaver, managing director public affairs at Ipsos MORI, said: “There have been significant changes to workplaces over the last month.

“We have seen a fifth of Britons in work placed on furlough and an increase from last month in those who are working fewer hours or earning less.

“While this will combine to have a potentially significant impact on household incomes over this difficult time, we’re also seeing a significant proportion of people telling us that they’re spending less and saving more.

“It’s also important to note that there is a small but notable proportion of people who are struggling financially and accessing loans from friends and family, taking mortgage breaks or accessing new credit facilities.”

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