People have had their finances hammered by the Covid-19 outbreak with 35 per cent of Brits admitting they save nothing in a typical month.
The research, commissioned by retail investment platform Hargreaves Lansdown, found that 23 per cent of people could last for less than a month on their savings.
It comes after a parliamentary group on financial resilience found that a quarter of people in the UK saved no money during the coronavirus pandemic.
According to Sarah Coles, senior personal finance analyst, Hargreaves Lansdown inequalities widened during lockdown and remain stark: “The resilience gap opened into a yawning chasm during the pandemic,” she said.
“Many of those who were able to work from home saved more and now have a bigger savings safety net than ever to fall back on. Meanwhile those who lost work, hours or pay have been struggling ever since. Their resilience has taken a battering during the pandemic,” Coles added.
The research found that the groups who are most likely to struggle to save include women, renters, self-employed people, and people on lower incomes. Almost half of renters, some 48 per cent, said they saved nothing each month.
The survey, which included 10,000 respondents, also found that many well off individuals lack financial resilience.
The research found that 12 per cent of people in households bringing in £150,000 or more a year, and eight per cent of those bringing in £100,000-£150,000, don’t have enough savings to last them a single month.