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4 May 2020updated 04 Sep 2021 12:56pm

Renters and the self-employed have taken biggest financial hit from pandemic

By Nicu Calcea

More than half of self-employed workers say their household finances have suffered during the Covid-19 crisis, according to new data from the Office for National Statistics.

Renters and people paying a mortgage have also been hit harder than those who own their property outright. More than one in five renters reported a reduction in household finances, as did 29 per cent of people paying a mortgage. Less than one in 10 people who own their property outright said the same.

Nearly 60 per cent of self-employed people said their household finances had been hit, compared to 22 per cent of employees. The self-employed were also less confident about whether they could save for the year ahead.

Half of respondents reported high levels of anxiety between 20 March and 30 March, compared to just one in five at the end of 2019. The biggest concerns related to their wellbeing, their work, and their finances.

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The survey also found that women and those with a disability had been disproportionately impacted by the crisis.