The coronavirus (COVID-19) pandemic has lead to more people re-thinking how they spend and manage their money, with more than half (51%) now prioritising saving for an unexpected event or loss of income, research published suggests[1].
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A third (32%) are setting aside money. This reflects Bank of England[2] estimates that more than \u00a3200 billion of savings have been built up during lockdown, but only 10% of these are expected to be spent over the next three years.<\/p>\n
Spending and financial priorities<\/strong> Nearly two-thirds (65%) said they are now very mindful about their money, with 38% giving more consideration to financial planning, and savings and investments. When asked what they would do with an unexpected \u00a32k windfall, 40% said they\u2019d save it compared to just over a quarter (26%) who said they\u2019d spend it right away.<\/p>\n Battening down the hatches <\/strong> Importance of our livelihoods <\/strong> The past 19 months really have brought into sharp focus the importance of our livelihoods and finances, with many concerned about their health and financial security. But despite these tough times, it\u2019s reassuring to see people taking stock and thinking positively about how they can bolster their situations, with one in five people considering professional financial advice.<\/p>\n Source data:<\/strong> People thinking more about their spending and financial priorities The coronavirus (COVID-19) pandemic has lead to more people re-thinking how they spend and manage their money, with more than half (51%) now prioritising saving for an unexpected event or loss of income, research published suggests[1].<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3628","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.attainwealthmanagement.co.uk\/wordpress\/wp-json\/wp\/v2\/posts\/3628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.attainwealthmanagement.co.uk\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.attainwealthmanagement.co.uk\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.attainwealthmanagement.co.uk\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.attainwealthmanagement.co.uk\/wordpress\/wp-json\/wp\/v2\/comments?post=3628"}],"version-history":[{"count":0,"href":"https:\/\/www.attainwealthmanagement.co.uk\/wordpress\/wp-json\/wp\/v2\/posts\/3628\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.attainwealthmanagement.co.uk\/wordpress\/wp-json\/wp\/v2\/media?parent=3628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.attainwealthmanagement.co.uk\/wordpress\/wp-json\/wp\/v2\/categories?post=3628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.attainwealthmanagement.co.uk\/wordpress\/wp-json\/wp\/v2\/tags?post=3628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThe findings show that while just under half (46%) of households are spending less generally on a day-to-day basis, the pandemic is clearly making people think more about their spending and financial priorities.<\/p>\n
\nUnsurprisingly, people\u2019s savings are being offset in part by increases in grocery and household bills (for 37% and 36% respectively). And with more time at home for many, it seems we\u2019re battening down the hatches and spending more on premium food and take-aways, while 39% are looking to invest in home improvements and DIY as we look to enhance our space.<\/p>\n
\nThe good news for the advice sector is that nearly one in five (19%) are thinking more about seeking professional financial advice, a quarter of people are giving more thought to Wills and inheritance planning, and nearly one in five are thinking about protection products such as critical illness cover.<\/p>\n
\n[1] 204 respondents to Zurich\u2019s research panel made up of 88% target customers\/12% customers May 2021.
\n[2] https:\/\/www.bankofengland.co.uk\/bank-overground\/2021\/how-have-households-spending-expectations-changed-since-last-year<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"