39% of UK suffers income drop in last month, survey reveals

Thirty-nine per cent of UK consumers have seen their income drop in the last month, according to a new international study from Yolt.

The findings also revealed the average amount that incomes were reduced by in the UK, was 34% – significantly more than the 20% top up covered by the UK Government’s furlough scheme, which Yolt said highlights the potential financial hardship of many consumers worrying about how to fill the gap and make ends meet.

The smart money app analysed 6,000 responses from consumers across the UK, France and Italy, and also revealed average income drops of 47% in France, and 67% in Italy.

Yolt suggested the longer lockdown periods in Italy and France may have contributed to the increased numbers of people experiencing loss of income in these markets, and described the figures as “a worrying sign” of what may be ahead for the UK.

For now, the smart money app suggested the main concerns of those left feeling financially insecure in the UK are around meeting day-to-day living costs, with the survey revealing the most common worry was about being able to pay bills (31%), which was followed by meeting rent or mortgage obligations (26%).

Yolt chief product officer, Pauline van Brakel, commented: “Any sudden income drop will undoubtedly have an impact on all aspects of someone’s life, from current day-to-day living to their ability to save for the future.

“The latest unemployment rates in the UK alone are a true sign of the number of people facing financial hardship and many are currently worrying about how to pay fixed costs such as mortgages, rent and household bills.

“For those who are working with reduced income and for those worried about the future, there’s never been a more important time to engage with your money, save where possible and identify areas where you can could cut back.”

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