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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1 Whittlebury Mews East
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NW1 8EQ

020 7483 4488

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NE1 6AE

0191 468 2500

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Trinity House
Thurston Road
Northallerton
North Yorkshire
DL6 2NA

01609 760960

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Gallowfields House
Fairfield Way
Richmond
North Yorkshire
DL10 4TB

01748 825 971

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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 and Gale and Phillipson Consulting Ltd are appointed representatives 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, 811525, 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.

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