Recent data has revealed that if faced with unemployment, people are more confident about the length of time they could survive on just their savings compared to pre-lockdown.
The ‘How Britain Lives’ survey of 5,000 UK adults from Lloyds Bank, found that in March (pre-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 five percentage points, 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%).
Interestingly, 18-24-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.