March 2020
Featured in this insight: Financial services, Public health & wellbeing
75% of those who feel negative about their household finances are 'worried' about the further impact of coronavirus: A survey has found that amongst people who already have negative feelings about their household financial situation, three-quarters are feeling worried about how coronavirus will impact them further. And of those feeling worried, almost two-fifths (38%) are feeling 'extremely worried'.
Worry about finances was the second most selected area of concern for respondents (25%), second to their physical health (31%). The potential impact the virus might have on their work prospects was the third most chosen area of concern, with a fifth (20%) saying it was their main worry.
The research by Walnut Unlimited polled a nationally representative sample of 2,011 adults in the UK between 13th and 15th March – before schools were closed and social distancing recommendations were announced by the government.
One in ten participants aged 18–34 years-old said they are 'extremely worried' about their financial situation, compared to just 1% of those aged over 65. Similarly, a quarter of people who are in employment (26%) are worried about their financial situation due to the virus, compared to 16% of retired people.
Looking at different earning bands, those on salaries below £14,000 per year are most worried about their financial situation (37%), however there is little difference in worry levels of respondents across all other salary bands.
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