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A third of Manx households 'expect finances to get worse'

More than 600 take part in government survey

More than a third of Manx households expect to see their finances get worse in the coming months.

That's according to the results of a government survey, measuring the impact of the coronavirus outbreak on local residents.

More than 600 households took part in the questionnaire, with just 18% saying their finances had improved since the end of lockdown.

Almost 10% are racking up debt to make ends meet, while just under a quarter are having to dip into savings.

Finances will get a little or a lot worse going forward, according to 33.67%, while those who are already feeling the strain say they're struggling with bills, borrowing money and unable to save.

Having to dip into savings can have a psychological impact on those under financial pressure. That's from the Manx Credit Union following the survey, which showed around 23% of households are having to use savings.

The organisation, which offers savings and loans services, has seen an increase in locals withdrawing funds recently.

Chairman David Talbot hopes it will lead to better habits in the long term:

You can hear more from Mr Talbot's interview with Manx Radio's Sian Cowper below:

Meanwhile, there are concerns there could be a surge in food poverty over the coming months, as children head back to school.

Chief Executive Officer of the Isle of Man Foodbank Neal Mellon says it's as the service adapts to the ongoing impact of Covid-19.

The charity saw a 33 per cent rise in users when lockdown was first imposed.

Mr Mellon says there are a number of factors at play, which may lead to another increase:

You can hear Mr Mellon's discussion with Manx Radio's Alex Wotton below:

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