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.
Hover over the image on the right hand side to download our brochure.
Reference – FS061 – Aug – 2020