Residents’ economic situation: household finances continued


How have your household finances been affected?

Summary

  • A reduction in income was the main impact; cited by 65% of those experiencing negative impacts on their household finances.
  • Also prevalent was an inability to save as usual and use of savings to cover living costs (both 40% of this cohort).
  • At a lower level was concerns about saving value being affected by economic instability along with struggling to pay bills and living costs.

‘Other’ comments

  • Relying on family handouts to pay the bills.
  • Redundancy.
  • Increased cost working from home.
  • Things in the shops are more expensive.

Key differences by demographic

Age

The over 65’s were most concerned by their savings value being affected by economic instability.

16-24’s were most likely to have reduced income and be unable to save as usual, inevitably these led them to struggle to pay living costs and having to borrow money or use credit.

Household composition

Households without children were more concerned about their saving value being affected by economic instability.

Whilst those with children were experiencing reduced income, use of their savings to cover living costs, struggling to pay bills, increased care costs and providing financial support to family & friends.

Household income

Household on the lowest income were more likely to be struggling to pay bills and cover living costs, and to have borrowed money or used credit. They were also most concerned about their inability to save as usual.

Households earning £20,000-£59,999 were most likely to be using their savings to cover living costs.

Those in the £20,000-£39,000 bracket were providing financial support to friends and family more than those in other income brackets.