The UK has greater confidence in personal financial resilience after lockdown
Almost a fifth of UK adults could survive for a year on savings. Source:?shutterstock.com
According to the latest ‘How Britain Lives’ research from Lloyds Bank, which surveyed over 5,000 UK adults, the number of people who could survive for less than a month has reduced, whilst the numbers of people who could survive for up to, and over, a year have all increased.
In March, prior to national lockdown, 20% of UK adults did not have enough money put aside to cover their outgoings for a full month if they lost their job. This figure has dropped to 15%. A third (33%) could now survive for one to six months (up from 31% in March), 15% could make ends meet for six to 12 months (up from 13%), and almost one in five (19%) could do so for over a year (up from 17%).
Across all age groups, there are more people who have grown in confidence in their financial position, but 18 to 24-year-olds have shown the greatest positive change, with 15% saying they would now be able to cope for less than a month, compared to almost one in four (24%) back in March.
More people believe they are managing their finances well than before the COVID-19 crisis. (46% vs 40%) and 25% think they have become better at doing so.
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