ONE THIRD of adults on the Isle of Wight do not expect to save money over the next year as a result of the coronavirus pandemic.

That’s according to an Office for National Statistics 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.

On the Isle of Wight, 33 per cent of those aged 16 and over said they will not be able to do so — close to the average of 31 per cent across England and Wales.

The largest proportion of people in the Isle of Wight (44 per cent) thought they would be able to save – although this was below the England and Wales average of 49 per cent.

A further 22 per cent said they didn’t know.

The results of the poll, carried out between January 7 and March 28, were based on responses from 150 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.

People were also asked to rate how happy they felt the day before they were surveyed on a scale from zero – meaning “not happy at all” – to 10, signifying “completely happy”.

On the Isle of Wight, the average score was 7.2, compared to 6.6 across England and Wales.

"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.

“Savings can give people financial security and offer vital protection against life's unexpected costs.

"We urge the Government to take action to help increase people's incomes, to stop the debt crisis that is round the corner, and the mental health anguish that will follow.”

She said this must include maintaining the £20 uplift to Universal Credit, which was put in place to help struggling households during the pandemic but is due to end in September.

The survey results come after it was revealed in February that Islanders claiming Universal Credit had doubled since the start of the pandemic. Read more here