MSE Poll: How did you fare financially in 2020?

MSE_Petar

Poll started 22 December 2020

The coronavirus pandemic has had a big impact on the nation's finances – but it hasn't affected everyone equally. While many have struggled, others have been able to pay off debts faster or save more than before. So this week, with the year (finally) drawing to a close, we want to find out how your household finances have fared.

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Did you vote? Are you surprised at the results so far? Have your say below.
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203846930

When you are on a fixed income (personal pension), nothing much changes, when prices rise you tend to just buy less.

MattMattMattUK

Considerably worse, my income has gone from a three year average of around £135k pa to around £20k pa and with the government's ongoing Covid restrictions and then Brexit (poor deal or no deal) I do not envision them returning to anywhere close to previous levels for several years.

That being said I can still afford to pay my mortgage and bills and eat (just) and have ensured the long term survival of my company and I do have some savings, so whilst not in a great position at least it is a stable position. It has, however all but removed my ability to help family financially should that need arise.

AlanRalph

Slightly worse than this time last year, but on the positive side it has made me review my situation and take steps to improve it. Worrying about what will happen once the Brexit transition ends, but I'm as prepared as I can be.

NaughtiusMaximus

Better than last year. My job hasn't been negatively affected by COVID but I'm saving around £150 per month by working from home.

Mnoee

The poll results won't load properly for me - gets down to the 'I'm employed' section then just says 'chart loading' even after refreshing. Ah well. 

We're about the same. My partner has saved some pennies working from home, but lost some extra income as his 'side gig' as a musician is not possible at this time. I'm on disability benefits which are unaffected, though the grocery budget which I take responsibility for has been a bit larger this year due to shortages of the budget staples I usually buy. 

ginger_chocolate

This was interesting. I was sure I'd be in the minority with my finances being in better shape, but it looks as if I'm actually one of many. My income has actually gone up slightly - I'm able to do my normal job from home, but saving on commuting time and other plans being cancelled means I've been able to do some of the extra earners I don't normally have time for - a bit of freelance writing work, paid surveys, paid focus groups (plus a lot of focus groups that used to happen only in cities are now online, so easier to access). On top of that saving money on eating out, gym memberships, transport and holidays, plus my mortgage interest dropping to virtually nothing have all left me quite a bit better off. I feel a bit guilty about how much I've benefitted to be honest, given the circumstances - anyone else feel like that?

MovingForwards

I voted for about the same.

I'm saving by not commuting to work, at the moment, but at the same time my mortgage is more than my shared rental costs were having purchased a home not long into lockdown; borrowed about 3x my then salary.

I'm making overpayments and contributing to a SIPP, while building savings back up. All of which will carry on when I am back in the office and I'm not even earning £22k after having a small rise a few months ago, just to put things into perspective.

newatc

I'm surprised that in all age categories, most people are better off. I'm retired in my 70s and better off too. We spend quite a bit on holidays and nothing in that category since February, which probably explains my status. If this poll is representative of the population, then the economy should pick up greatly when we finally defeat the pandemic.

strawb_shortcake

ginger_chocolate said:

This was interesting. I was sure I'd be in the minority with my finances being in better shape, but it looks as if I'm actually one of many. My income has actually gone up slightly - I'm able to do my normal job from home, but saving on commuting time and other plans being cancelled means I've been able to do some of the extra earners I don't normally have time for - a bit of freelance writing work, paid surveys, paid focus groups (plus a lot of focus groups that used to happen only in cities are now online, so easier to access). On top of that saving money on eating out, gym memberships, transport and holidays, plus my mortgage interest dropping to virtually nothing have all left me quite a bit better off. I feel a bit guilty about how much I've benefitted to be honest, given the circumstances - anyone else feel like that?

I agree, having found myself in a much better financial position. I save around £160 pm on fuel, my main shop has gone but I'm saving more by no midweek shops or buying breakfast or lunch at work. My children's club has been cancelled so that's an extra £25 a month. 

Most the people I know are pensioners or civil servants/ public sector so haven't seen much impact financially, so I feel quite ignorant on understanding just how much some people have suffered during this time. 
I have tried to be more charitable, I have shopped locally and used independent shops more than usual. 
I'm still loath to book holidays or trips until we have a better understanding of when normality will resume. So my savings will be staying put for awhile longer