One in five working people fear losing their jobs in the next six months due to Covid-19, reveals survey

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20th May 2020 16:47 - Public Consultation

One in five working people fear losing their jobs in the next six months due to Covid-19: A survey of UK adults has revealed that a fifth are worried about facing unemployment in the next six months due to the coronavirus pandemic.

The survey, conducted by the Centre for Labour and Social Studies (CLASS), questioned 2,000 people, with more than three-quarters (77%) believing that the economic downturn will be even greater than the financial crash of 2008. The recession will also last longer than 12 months, according to 73% of respondents. 

When asked about how they were feeling about job security, almost a fifth said they felt 'somewhat' or 'very unconfident' about still being employed by their current employer in six months, which CLASS says equates to almost six million people. 

A quarter of self employed people (25%) said the same, along with the same percentage of 18-24 year-olds. 

Financial concerns

The survey, titled Coronavirus and the Workers Emergency: Labour Market Realities 2020 also revealed the financial position of many respondents, with 26% saying they were just a month away from being unable to pay their rent or mortgage, with their three-month mortgage holiday coming to an end. More than half of these people said they were fearful about being made homeless.

It also found that almost a third of respondents do not earn enough to keep up with the basic cost of living, and 45% are using credit cards to make up the monthly shortfall. In addition, more than a third said they borrow money from friends and family to make ends meet, while just under a quarter said they struggled to buy food for their family. 

The research also revealed that many respondents would like to see salary increases for key workers, with almost seven in ten in favour of taxing the wealthy more.

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