NerdWallet’s survey of over 900 UK adults in full-time work has revealed their concerns regarding how the pandemic and rising inflation are impacting their finances. The survey found:
- Since the start of the pandemic, 27% of full-time workers have seen their salaries decrease
- 32% of participants said they are limiting their spending because they are worried about being made redundant
- 51% said they are concerned about how inflation will impact their finances
- 38% said their employer has paused pay rises throughout the pandemic
- 31% said that they will begin looking for a new job within the next six months if their wages do not increase in line with inflation
Senior personal finance editor at NerdWallet, Richard Eagling, said: “Understandably, businesses have had to make difficult decisions regarding wages, furloughing and redundancies during the pandemic. These decisions have impacted millions of people’s finances – and with rising inflation adding further pressure, many will find their usual budgets stretched to breaking point.
“Positively, there are support mechanisms in place for those struggling financially because of the pandemic. For example, banks have pledged to help those who find themselves in financial difficulty due to Covid-19, although this help varies from company to company. Likewise, some organisations such as UK Finance have promised to offer free support to those in need.
“In reality, financial challenges will continue to present themselves as the UK emerges from the pandemic. As such, it is vital that people take stock of their finances and, if problems are identified, seek assistance as and where it is available.”