UK households' perception about financial well being deteriorated in March to its lowest level since mid-2019, survey results from IHS Markit showed Monday.
The household finance index fell sharply to 42.5 in March from 47.6 in February. This was the lowest since May 2019, contrasting with February's survey high.
Looking ahead, the survey showed that households expect financial wellbeing to decline over the next 12 months.
UK households reported their most pessimistic outlook towards job security for over eight years. Moreover, workplace activity declined at the strongest pace since April 2009.
Households expect house prices to rise over the next twelve months, although there signs of softening in March.
"UK consumers are already feeling the financial pinch of coronavirus, according to the IHS Markit UK Household Finance Index," Joe Hayes, an economist at IHS Markit.
"The government has promised to do "whatever it takes" to keep the economy afloat and ensure UK households do not suffer financially, but there still remains a high degree of uncertainty towards wages and employment," Hayes added.