Half of all Brits had no savings prior to the COVID-19 pandemic, putting them in a vulnerable position before the crisis even began, research suggests.
While 46% of Brits have had to dip into their savings this year, according to a survey of 1,000 by thinkmoney.
However, half had no savings to dip into – leaving many to live on reduced wages or benefits.
The remaining 4% have had to borrow credit or take out a loan as a means of trying to survive the financial struggle that has come with the coronavirus crisis.
Of those with savings, one in eight or 12% have now used the money they set aside, just to survive this year.
One in 10 have spent between half and three quarters of the money they had saved.
Meanwhile, 6% have spent a quarter of their savings, and 18% have spent 10%, the survey found.
Those in Yorkshire and the Humber been hit hardest, with nearly a fifth (18%) now having used up all their funds.
It's a similar tale in the West Midlands, where 16% of Brits have spent all of their savings, placing them second as the most impacted.
About 10% and 12% of Yorkshire and the Midlands' workers, respectively, are – or were – employed in manufacturing, which is among the industries most affected by the coronavirus pandemic – potentially explaining the discrepancy.
Those in the east of England, east Midlands, and Scotland have also been disproportionately affected, with 14% of people in all regions losing all their savings to COVID-19.
On the other hand, the south-west has been the least financially impacted by the pandemic, with just 4% of residents surveyed spending 100% of their savings.
The study also found Brits aged 65 and over are more likely to have used all of their savings, at 13% – potentially due to older generations being more vulnerable and having to shield.
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