Yolt: 47% have taken steps to understand their finances due to COVID-19
Although 28% of Brits would be unable to meet living costs for more than a month if their income stopped today, 47% have taken steps to better understand their finances as a result of the COVID-19 crisis, according to research by smart money app Yolt.
Just under three-fifths (58%) of people in the UK regularly save money for emergencies, compared to 63% in France and 79% in Italy.
However, anonymised transaction data from a sample of over 60,000 Yolt users has shown that savings increased 70% in May.
When UK respondents were asked to estimate how long they would be able to continue to pay for their living costs and any liabilities, if their income were stopped today, 14% said less than a week, with a further 14% saying they could last no more than three weeks.
Pauline van Brakel, chief product officer at Yolt, said: “Whilst the financial impact of coronavirus is likely to be felt for many weeks and months to come, it is reassuring to see that people who are able to save during this period are doing so.
“Habits are notoriously hard to change, but it could be that this crisis changes the way many people engage with their finances, especially when it comes to saving.
“There’s never been a more important time to closely manage your money, save where possible and identify areas where you could cut back.”