Financial impact of covid-19 already being felt by Britons, especially younger generations
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While many Britons have realised that they need to change their financial habits as a result of the coronavirus outbreak, those under 35 are most likely to have felt the pinch so far.
A new Ipsos MORI online survey of 18-75-year olds finds that overall, almost half of Britons (46%) say they have needed to save more money or spend less as a result of the coronavirus outbreak. And it is younger people who are most likely to be resorting to accessing new credit, relying on overdrafts, loans from family and friends or using up savings to avoid the financial pinch.
Overall, 16% say they are using up savings, and another 18% are considering it. But these are much more likely to be younger people – a quarter (25%) of young people say they have already needed to use up their savings, compared with 13% of 35-54s and 11% of 55-75-year olds.
There is a similar story on overdrafts. Overall around one in ten say they have done this (11%), but this rises to 18% of 18-34s, compared with 11% o...
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