- The most common issue experienced by those who report a negative impact is reduced income (51%)
- The next most popular negative impact is 21 percentage points lower: use of savings to cover living costs (30%), which is closely followed by being unable to save as usual (29%) and struggling to pay living costs (29%)
Ways household income being affected chart: This chart shows that of those who have experienced a negative impact on their household finances
51% of respondents report a reduced income
30% of respondents report using their savings to cover living costs
29% of respondents report not being able to save as usual
29% of respondents report that they are struggling to pay living costs
27% of respondents report that they are struggling to pay bills
24% of respondents report that they have had to borrow money and or use credit
24% of respondents say that the value of their savings has been affected by economic instability
22% of respondents say that the value of their pension has been affected by economic instability
15% of respondents report that they are providing financial support to friends and family
11% of respondents report having no income
6% of respondents say that care costs have increased
16% of respondents say that their household finances have been affected in other ways
Effects on household finances – total sample
Base: Those experiencing a negative impact on their household finances: 300
Key differences by demographic
Females are more likely to have reduced income, have used their savings to cover living costs and been unable to save as usual compared to males.
More males than females are concerned about their pension value being affected by economic instability, and more males report having to borrow money or use credit.
25-34 year olds report reduced income in higher numbers than any other age group. This is in contrast to W2 where 35-44 year olds reported the most reduced income.
More residents in older age groups have had their savings or pension values impacted by economic instability.
Residents who have a disability are more likely to say they are struggling to pay living costs and bills whilst more of those without a disability have been unable to save as usual.
Households with lower household incomes are struggling to pay living costs and bills whilst those in higher income brackets are more concerned with reduced income (this is consistent with W2) and the impact of economic instability on their pension and saving value.