Nearly a third of people in the East Riding unable to save in near future due to the pandemic

Nearly a third of adults in the East Riding do not expect to save money over the next year as a result of the coronavirus pandemic.

Monday, 7th June 2021, 3:05 pm
30% of those aged 16 and over do not expect to save money next year. Photo: PA Images

That’s according to an Office for National Statistics (ONS) survey, which asked people if they think they will be able to put aside cash in the next 12 months, considering the general economic outlook.

In the East Riding, 30% of those aged 16 and over said they will not be able to do so – close to the average of 31% across England and Wales.

The largest proportion of people in the East Riding (47%) thought they would be able to save over the next year – broadly in line with the England and Wales average of 49% – while a further 21% said they didn’t know. The results of the poll, carried out between January 7 and March 28, were based on responses from 400 people in the area.

The ONS carried out the research to understand more about the impact of the coronavirus pandemic on people’s happiness. It found that adults who do not expect to be able to save over the next year are much more likely to report being less happy than those who do.

“It is concerning that so many of us are unable to save any money in the near future,” said Sara Willcocks, head of external affairs at anti-poverty charity Turn2us.

Jane Tully, director of external affairs at the charity Money Advice Trust, said the vast majority of people who contact its National Debtline for support have no savings to fall back on.

A Government spokesman said: “Work remains the best route towards prosperity and that’s why we’re focusing on supporting people back into employment through our comprehensive Plan for Jobs, following our action to raise the living wage and help people keep more of what they earn.

“The Government has always been clear the Universal Credit uplift was a temporary measure to help those most impacted by the pandemic.”