Nine million people borrowed more in 2020 as result of COVID-19 pandemic

Almost nine million people had to borrow more money in 2020 as a result of the coronavirus (COVID-19) pandemic, data published by the Office for National Statistics (ONS) has revealed.

22 Jan 2021

Almost nine million people had to borrow more money in 2020 as a result of the coronavirus (COVID-19) pandemic, data published by the Office for National Statistics (ONS) has revealed.

According to the ONS, the proportion of workers borrowing £1,000 or more increased from 35% to 45% since June 2020. It found that the self-employed were more likely to borrow money than employees.

The ONS suggested that young people and low earners have been affected the most by the COVID-19 pandemic. It added that individuals aged under 30 were 35% more likely to be furloughed than the population as a whole.

Commenting on the data, Gueorguie Vassilev, Senior Research Officer at the ONS, said: 'Many people took a financial hit in the first months of the pandemic, either being furloughed or working fewer hours.

'What we are seeing now though is a widening financial gap between households, where some people are relying on savings or borrowing to make ends meet. Those hardest hit are people on low pay, young people and parents of dependent children.'

Quick Links

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2021 Blue Spire Limited (Brighton). All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Blue Spire Limited (Brighton) are Accountants in Brighton.

Contact Brighton Office

Tel: +44 (0)1273 739533
Fax: +44 (0)1273 732844
Email: brighton@bluespiregroup.com


Contact Chichester Office

Tel: +44 (0)1243 781234
Fax: +44 (0)1243 791770
Email: chichester@bluespiregroup.com

Brighton Address
5th Floor Intergen House, 65-67 Western Road, Hove, East Sussex BN3 2JQ

Chichester Address
Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY

Blue Spire Limited is Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales C004152645. Professional indemnity insurance is provided by Royal & Sun Alliance Insurance Plc 9th Floor, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD and its territorial coverage is worldwide (excluding United States/Canada).
Blue Spire Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSA register https://www.fca.org.uk/register reference 566257. This guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at customers based in the UK