COVID-19 | Are your finances secure from coronavirus?

With one million people applying for universal credit since the start of the coronavirus outbreak, questions have arisen over the UK workforce’s ability to withstand a continued economic slowdown.

This week research into the UK workforce by Opinium discovered the extent of the public’s vulnerability, if faced with widespread unemployment.

Shockingly, half of the UK workforce (49%) say they do not have savings to fall back on if they were to lose their job as a result of an economic downturn. Precarious workers – defined as the self-employed, freelance workers, or gig-workers – are particularly vulnerable, with only a third (36%) admitting they have savings to live on if needs be.

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In comparison, 53% of those in traditional employment feel they have savings to rely on if faced with unemployment, whilst 42% of the UK public would need to apply for Government support should they lose their job in the form of Job Seekers Allowance or other benefits. As a result, three in 10 (28%) would need to rely on a partner or family member.