May 2020
Featured in this insight: Financial services
64% of people taking part in COVID-19 survey do not have personal insurance in place: A survey of Britons focussing on the coronavirus pandemic and people's finances has found that almost two thirds (64%) do not have life insurance, income protection insurance, mortgage payment protection or unemployment insurance.
The survey by Bobatoo asked questions about savings, credit cards, mortgages and insurance – as well general questions about how people were feeling about the pandemic and concerns they might have.
It found that 90% are 'worried' about COVID-19, with more than a third (34%), saying they feel 'very worried'.
The greatest worry for respondents, according to the poll, was for their family's health and wellbeing (47.3%), followed by loss of income (14.7%), their own health and wellbeing (6.3%) and being unable to pay their bills or rent (5.1%). However, 18.4% said they are concerned about all of these factors.
In terms of the numbers who have already seen their income or employment affected, 30% have seen their job affected. The percentage which had been furloughed by their employer at the time of the survey was 14.5%, compared to 8.8% who revealed they have lost their job temporarily and 7.1% who have been made redundant. Just under a fifth (17.6%) said they have to go to work as normal, while the majority said they are able to work from home (52%).
The research highlighted a lack of savings amongst British people, with 30% saying they have nothing to help get them through difficult times due to COVID-19, and a fifth (20%) saying they only have enough to cover a month. One in 10 have enough savings set aside to cover two months, while 9% have enough for three months.
When it comes to mortgages and rent, the research found that 64% do not yet have payment relief in place.
Looking at renters, more than a third (35%) said they are continuing paying rent as normal, either because they are not receiving relief from their landlord or they have not yet discussed it. With mortgages, 27.4% have not yet applied for a payment holiday, with 8% saying they have. Of those who said they were are worried about loss of income and being able to pay their bills, half have applied for a mortgage payment holiday, revealed the study.
*Research was conducted between March 30th and April 13th 2020
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