Financial fallout from COVID-19

Financial fallout from COVID-19

It is becoming uncomfortably clear that while not everyone has been physically affected by coronavirus (COVID-19), many of us could be impacted financially. During the pandemic, some savings and many investments have been volatile, as have wages and jobs security.

Impact on the nation’s wealth and financial security

As a result, the virus has affected the majority of people’s savings habits according to new research. 6 in 10 savers (59%) have made changes to their monthly savings since the start of the pandemic. Employment status in particular is driving significant differences in savers’ actions. The average increase among those who are saving more is £197, but this is even higher among those in full-time employment. More than 4 in 10 (43%) of those in full-time employment and not furloughed have been able to increase their savings, with the average additional contribution being £216.

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Reference – FS061 – Aug – 2020

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Thurston Road
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Regulatory Statement

Gale and Phillipson Investment Services Ltd, Gale and Phillipson Advisory Services Ltd, Gale and Phillipson General Financial Services Ltd and Gale and Phillipson (SE London) Ltd are all authorised and regulated by the Financial Conduct Authority (Reference Numbers 431387, 142752, 195080, 195522).  Gale and Phillipson (Herts) Ltd is an appointed representative of Gale and Phillipson Advisory Services Ltd.  Gale and Phillipson (Surrey) Ltd is an appointed representative of Gale and Phillipson Investment Services Ltd. (Reference Numbers 615821, 703337).All companies trade under the name Gale and Phillipson and are registered in England and Wales numbers 05409822, 02232959, 03751076, 04077157, 08864945 and 04823391.  Registered office for all companies is Gallowfields House, Fairfield Way, Richmond, DL10 4TB. Gyr Financial Consulting Limited is an appointed representative of Gale and Phillipson Advisory Services Ltd which is authorised and regulated by the Financial Conduct Authority. (Reference numbers 811525 and 142752 respectively) Gale & Phillipson Advisory Services Ltd trades as Gale and Phillipson. Registered in England and Wales number 11334836. Registered Office: Level 1 Brockbourne House, 77 Mount Ephraim, Tunbridge Wells TN4 8BS.

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