UK: 1 in 3 People Dip Into Savings, 1 in 5 Get Into Debt During Lockdown

Who is going to give people back the money that they’ve lost?

Who is going to give people back the time that they’ve lost?

Who is going to take responsibility for this madness?

Daily Mail:

Millions of Britons are either dipping into their savings or getting into debt as their incomes are being dented by the coronavirus pandemic, a new survey has showed.

Nearly a third of people in the UK have had to dip into their savings while a fifth have taken on debt, with the younger generations the worst hit – and things are likely to get worse in the coming months.

Some 30 per cent, which equates to about 15million people, have used their savings to pay bills, rent, mortgage and other essentials during the crisis as many have lost their jobs or have been furloughed during the lockdown.

But younger generations, who are more likely to be freelancers or to work in some of the worst hit sectors like retail, hospitality and the arts, are feeling a bigger hit than older people.

A survey of  more than 2,000 people carried out by investment platform AJ Bell has found that 44 per cent of those aged 18 to 34 are having to use their savings compared to just 18 per cent of those over the age of 55.

But dipping into savings is not an option for a large number of people, meaning that 20 per cent of those surveyed, or around 11million people, said they have already taken on debt in order to pay for essentials.

Some 10 per cent of people have put debt on their credit cards, while 8 per cent have taken a loan from family or friends and 7 per cent have taken on more overdraft debt.

These figures are likely to soar in the coming months as people get their first reduced pay-checks since being furloughed and more people lose their job or see their incomes cut,’ says Laura Suter at AJ Bell.

‘Two-fifths of the population have already seen their income hit as a result of Coronavirus, with most due to being furloughed at work or having to take a pay cut.

As the furlough scheme comes to a close we’re likely to see some of these people laid off, and so take an even bigger hit to their income.’

It comes as levels of anxiety are rising among Britons, with almost half the population reporting high levels of anxiety in March, according to official figures released today.

The lockdown has destroyed people’s plans, people’s savings, and in many cases, people’s dreams.

It was all for nothing.

Sweden is doing fine. Other countries with no lockdown are doing fine.

The only ones dying are very old people.

When all of this passes, when this is all over, who is going to be held responsible for this?

Will it be the media?

The governments?

The heads of state?

So far, none of those parties has ever taken responsibility for anything.