Half of households ‘expect to struggle with finances over next three months’

Half of households think they will struggle with their financial commitments over the next three months, a survey has found.

Across the UK, 50% of households believe they will find it hard to meet their financial commitments in the next few months, the report involving around 6,000 people said.

Households whose main income is from the “gig economy” are three times more likely to be in serious financial difficulty, according to the Standard Life Foundation, a charitable foundation which has a focus on improving the lives of people on low-to-middle incomes.

The research estimates that around 28% of UK households are already experiencing financial difficulties.

Looking to the near future, 28% anticipate some fall in their income over the next three months, the survey carried out between April 9 and 15 found.

People who live in a rented home, those with disabilities and people working in the private sector were particularly likely to report dealing with serious financial difficulties.

A wide range of measures has been announced by the Government to help support people and businesses financially through the coronavirus pandemic.

Elaine Kempson, one of the report’s authors, said: “The pandemic is hitting people’s finances harder and faster than the last economic downturn.”

Mubin Haq, chief executive of the Standard Life Foundation, said: “There is much more we need to do to ensure people have a secure safety net.”

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