Financial challenge for the low paid and the youngpublished at 16:46 Greenwich Mean Time 21 January 2021
Faisal Islam
BBC Economics Editor
There has been much focus on a glut of savings ready to be unleashed into the economy when pandemic restrictions are lifted.
But today's ONS report shows nearly nine million people in Britain had to borrow more money last year because of the impact of coronavirus.
This report shines a light on the reality of this for many ordinary Britons, having to borrow more, amid a hit to incomes during the recession.
Disproportionately this has hit the low paid and the young, and this would have been far worse without the government's support package.
More homeowners and the over-30s by December expected to be able to save for the year ahead. Fewer renters and under-30s expected to be able to save.
Though the analysis does not include the latest national lockdown, the economic impact of schools closure is also clear.
Employed parents were twice as likely to experience income loss, though that gap closed when schools reopened. The fear is that this trend will have returned over the past month.