How has Covid-19 affected our finances?

MONEY-SAVING AND INSURANCE WEBSITE BOBATOO SURVEYED THE UK PUBLIC - AND HERE’S THE RESULTS

AS PEOPLE adjust to the new normal during the Coronavirus outbreak, money-saving and insurance website Bobatoo has compiled some surprising statistics regarding people’s finances and concerns during this period.

Bobatoo.co.uk is a useful website for people in the UK to stay up-to-date with the latest money-saving tips and get competitive quotes for insurance online, whether that be for your health, vehicle or home.

Over a two-week period, between March 30 and April 13, the team at Bobatoo conducted a survey, asking 510 people a range of questions regarding the Coronavirus outbreak and their financial concerns. This enabled the team to gain an insight as to how people are managing and getting on during these difficult and unforeseen times.

Here are some of the questions they asked the British public:

• How worried are you about the Covid-19 outbreak?

• Has your health been affected?

• Has your job been affected by the pandemic?

• Do you have savings to help pay for necessities?

• Have you claimed for financial help since the outbreak?

• Are you worried about paying off any credit cards or other debt?

• Are you currently receiving any payment holidays from lenders, mortgage providers or landlords?

• Do you have any insurance policies?

People’s responses were, of course, varied, but it seems that the majority of people are in the same boat, with 90 per cent of respondents saying that they are concerned about the coronavirus pandemic in some way.

Only six per cent of people said that they were concerned about their own health, with the majority of people mainly worried about the health and wellbeing of their family and loved ones, suggesting that we are a caring nation that puts others first.

KEY RESULTS AND STATISTICS

Employment - Out of the people that were asked by Bobatoo, just over 30 per cent said that their job had been impacted due to the coronavirus pandemic, with workers being furloughed, losing their job temporarily or being made redundant. Around 17 per cent of people said they still have to travel to work as normal, while more than half of respondents are able to carry on working from home.

Savings - The survey results also showed that half the people questioned do not have enough savings in place to help them pay for bills and essential items over the next couple of months; 30 per cent said that they have no savings at all, while 20 per cent said that they have enough for just one month, which is likely to make things difficult for those who are unable to work during this crisis.

Debt - Surprisingly, Bobatoo’s results suggest that people are not in as much debt as might be assumed during these troubling times. While just under 70 per cent of people admitted to having one or more credit cards to pay off, 70 per cent of those said that they have less than £500 debt on their credit card to pay off, and 10 per cent had between £500 and £1,000 owing. This result is slightly reassuring, as it implies that people are being sensible with their credit cards, only using them to make essential payments for the time being.

Insurance - One of Bobatoo’s most surprising statistics from its Coronavirus survey results was that more than 60 per cent of people who took part said they do not currently have insurance in place, such as life cover, unemployment insurance, income protection or mortgage payment protection policies.

This stat indicates that a large proportion of people in the UK do not have financial cover to protect themselves, and their loved ones, if something were to suddenly go wrong, especially during such unpredictable times.

Bobatoo’s aim is to help you save money whatever you’re doing, so be sure to visit their site today for more helpful information and guidance.

Bobatoo has compiled a range of guides included to help those who may be struggling with their finances, with helpful tips on ways in which you can save money and get financial help, as well as advice for those who are currently working from home, self-employed or still in full-time employment.