UK survey shows pandemic has had massive impact on financial planning

Written on Jun 10, 2021

The coronavirus pandemic and resulting lockdowns across the UK led to more than one-third of 18 - 34 year-olds moving home, according to research by Close Brothers, an asset management firm.

The 36% of those who moved did so to secure a better standard of life, the findings suggested.

To compare, the figure for those aged 55 and above is 9%, while the average across Britain came in at 21%.

The report highlights the way in which workers across the UK have altered their financial plans due to the events of the past 12 months.

The survey findings also show a shift towards remote working as 39% are going fully remote, while 30% intend to do so on a part-time basis.

The last 18 months, in addition to impacting the way people approach their mental and physical health, have encouraged many to keep a closer eye on their day-to-day spending.

Survey respondents indicated the top changes made to improve financial wellness:


Overall

Men

Women

Keeping a closer eye on day-to-day spending

63%

52%

73%

Saving more into an emergency fun

61%

57%

65%

Writing a will/updating an existing will

20%

19%

21%

Saving more into a personal pension

19%

24%

15%

Increasing contribution to workplace pension

16%

19%

13%

 

Leave a comment