- A reduction in income was the main affect on residents who had experienced negative impacts on their household finances (62%).
- The inability to save as usual was also a common negative impact on household finances (39%), whilst increased care costs (3%) being selected at a much lower level.
- There are few differences with W1, except that struggling to pay living costs has decreased by 7 percentage points.
Base – those experiencing a negative impact on their household finances: 453
Base: 60 (themes mentioned by at least five respondents)
|1||Job loss (redundancies, had to resign due to concern for health)||23|
|2||Lack of financial support or help (such as from the government, issues with receiving benefits, a benefits cap, pension issues e.g. taking a pension holiday)||22|
|3||Prices of goods increased (shopping online more expensive, buying/ spending more, unable to afford everything they need)||18|
|4||Staying at home (increased costs from utility bills, having children at home)||13|
Key differences by demographic
Women are more likely to have reduced income, borrowed money/ used credit, and provided financial support to friends and family compared to men.
More men than women are concerned about their pension value and savings value being affected by economic instability.
35-44 year olds experienced reduced income in significantly higher numbers than any other age group.
Residents aged 25-34 are most likely to have used their savings to cover living costs and to have been unable to save as usual. The over 65’s are most concerned by their savings value being affected due to economic instability.
Households without children experienced every negative impact at greater levels than those with children, except for struggling to pay bills and increased care costs. In particular, high proportions of households without children have had to use their savings to cover living costs and have been unable to save as usual.
Households on the highest income level are more likely to have experienced a reduced income, provided financial support to friends and family, and to have been concerned about their pension value being affected by economic instability.
Lower income households are more likely to have struggled to pay living costs and bills, to have borrowed money and to have had no income.