Almost half of all adults expect their financial position to get worse over the next 12 months as a result of the coronavirus outbreak

New analysis by the Office for National Statistics also highlights that a third of people think it will be more than six months before their life returns to normal

Almost half of all adults in Great Britain expect their financial position to get worse over the next 12 months as a result of the coronavirus outbreak, according to new analysis by the Office for National Statistics (ONS).

In Coronavirus and the social impacts on Great Britain: 16 April 2020, the ONS presents findings based on data from an Opinions and Lifestyle Survey covering the period 27 March 2020 to 6 April 2020, the first 10-day collection period wholly after the government's 'Stay At Home' measures were introduced on Monday, 23 March 2020. The survey was designed to help understand the impact of the coronavirus (COVID-19) pandemic on people, households and communities across Great Britain, including the actions people are taking as a result of the outbreak and information on the financial impact on households and their coping strategies whilst staying at home.

Based on a survey of 1,581 adults, the ONS found that -

• almost 2 in 5 adults (39.7 per cent) said that coronavirus is affecting their work, increasing to 47.2 per cent for those aged 16 to 69. The main reason for people being concerned included reductions in hours worked because of workplace closures or reduced opening times, while others expressed concern in relation to being asked to work from home, redundancy or closure of their own business, needing to work additional hours or not being able to take leave;
• nearly 1 in 4 adults (22.9 per cent) said that coronavirus is affecting their household finances, with the main concern amongst the group being reduced income (72.9 per cent). In addition, almost a third (31.9 per cent) reported having needed to use savings to cover living costs and 22.1 per cent said they were struggling to pay bills;
• 45.8 per cent of adults in employment reported that they are working from home, rising to 49.4 per cent for those in employment who have an underlying health condition;
• nearly half of all adults (44.3 per cent) expected their financial position to get a little or a lot worse over the next 12 months, and more than 1 in 3 adults (35.0 per cent) thought it would be between four and six months before their life would return to normal, with another third (32.9 per cent) thinking it will be longer than six months; and
• many adults were more pessimistic when considering the financial future outside their household, with almost 9 in 10 (84.5 per cent) expecting the general economic situation in the country to get a little or a lot worse over the next 12 months.

NB - in separate analysis in relation to self-employment, the ONS reports that 3 per cent of all self-employed people in the UK have become continuously self-employed since April 2019, with the result that they may not be eligible for the government’s Self-employment Income Support Scheme.

For more information see Coronavirus and the social impacts on Great Britain: 16 April 2020 from ons.gov.uk