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Britain Coronavirus pandemic reports 2020 Britain

Third of households turn to short-term credit loans to pay for everyday essentials during pandemic

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dailyrecord.co.uk
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OpenMoney in conjunction with YouGov has found that a third of UK households have turned to short-term credit loans to pay for everyday essentials during lockdown.

These include overdrafts, credit cards, payday loans and buy-now-pay-later schemes while just under a third (28%) have borrowed from family or friends to resolve financial difficulties.

The findings are part of OpenMoney’s second annual advice gap report, The UK Advice Gap 2020: Are Consumer Needs For Advice And Guidance Being Met?, which takes a detailed look at the nation’s wealth, debt and the need for advice.

The research of 2,000 British people took place in early March before the worst of the coronavirus pandemic hit the UK and highlights that many were struggling even.

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Britain Coronavirus pandemic reports 2020
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