4 in 10 Brits said that their financial situations have changed as a result of the coronavirus pandemic, with 3 in 10 saying it has changed for the worse, new research from Take a Break has found. The study, which surveyed 1,257 people, found that many had concerns for their financial future – in fact, a quarter stated that they were considering finding a second job just to support their main earnings.
Spending habits have therefore vastly changed this year. Reflecting on their behaviour before the pandemic, a third said that they used to spend more than they needed to, admitting that they made too many impulse purchases and were not organised enough with their money.
A more careful approach has therefore come into play; 80% agreed they would be shrewder with their finances in the future, with more than half now spending more time ‘shopping around’ online before committing to a purchase. In fact, almost half of those surveyed are now spending less per month than they did pre-coronavirus, and a third said that they are spending as little as possible.
Savings have been made across the board; the three biggest areas being by not eating out, not paying for travel to and from work, and not going to the hairdressers or a beauty salon. A quarter of people also cancelled memberships and subscriptions since the start of the pandemic.
However, despite saving on many areas, only 40% have enough money to get beyond three months should their current stream of income cease. Furthermore, a third wouldn’t have enough savings to last a month or have no savings at all.
These findings have led Take a Break, Britain’s best-selling women’s magazine, to publish a new special edition of its standalone magazine, Super Savers. Separate to the main title, the magazine has been designed to help people manage their finances in light of the pandemic.
Laura Riddell, Associate Editor at Take a Break, said: “Covid has been hard on everyone this year. With many people across the country on furlough or losing their jobs, 2020 has presented many financial problems that I’m sure none of us could have ever predicted. We have therefore produced a new issue of Super Savers that will guide our readers with their finances throughout the pandemic – from easy-to-follow money-saving tips and tricks, to expert advice and real-life inspiration, we hope we can help make 2021 a little easier for everyone.”
The new issue of Super Savers will be available to buy on Thursday 24th December.
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