Almost two thirds of Britons have been spending less money overall due to the Coronavirus outbreak, with over half either already or considering saving more money. But over a third are considering or have already accessed money from savings.
There has been a small increase in the number of people who have already lent or given money to a friend or family member since 27-30th March when Ipsos MORI last asked this question. This increase comes despite the fact that 75% of people are not even considering borrowing money from family and friends.
There has been a stark change in the way workplaces operate during the Coronavirus crisis. Only 11% of Brits in work say that their workplace remains unchanged suggesting that the overwhelming proportion of working Britons have experienced a change to their workplace as a result of the Coronavirus outbreak. Around one in five people in work say they are being furloughed whilst 17% have seen a reduction in take home pay and 3 in 10 Brits in work (29%) say that their workplaces have closed in response to the Coronavirus outbreak.
Kelly Beaver, MD 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 less 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.
- Ipsos MORI interviewed a representative sample of 1,085 British adults aged 18-75. Interviews were conducted online: 17th-20th April 2020. Data are weighted to match the profile of the population. All polls are subject to a wide range of potential sources of error.