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Covid-19 has created a more ‘money savvy’ generation – research reveals

A man rising coins

35% of people vow to be better at budgeting since the pandemic hit

 Toluna’s ‘Understanding the 2021 Consumer’ Global Barometer Study is a bi-weekly index that taps into a community panel of 30+ million members providing accurate and timely information on the world’s current perceptions. The latest research surveyed 1,032 respondents in the UK.

KEY FINDINGS

Better financial health

The pandemic has made people think a lot more carefully about their money – how they’re spending it and how they’re saving it. It’s also enabled people to address their personal financial health, with more people determined to get their finances in better shape.

Out of those people surveyed:

  • 44 of people said Covid-19 has made them save more money to prepare for a rainy day
  • 36 of us vow to be better at budgeting
  • Nearly 3 in 10 (27%) have paid off or are planning to pay off debts since the pandemic started
  • Nearly a fifth of people surveyed plan to put money into longer term investments (19%)

Optimism around spending

Despite the current economic climate, 65% of people in the UK are confident about spending money.

When restrictions lift, many are looking forward to spending money on doing activities not enjoyed for a long time. When respondents were asked about what they’re planning to do first, in store shopping, dining out and personal care activities were high on the agenda:

  • 43% of people surveyed can’t wait to visit physical shops again and shop in store
  • 36% of people are looking forward to eating out
  • 35% plan to visit a hairdresser as soon as they’re able to

Michael Worledge, Head of Financial Services, Harris Interactive: “The pandemic was a completely unexpected situation that no one could have ever predicted or totally prepare for. Many people have been financially impacted by Covid-19 restrictions and repeated lockdowns demonstrating the importance of being money savvy and ensuring our financial health is as strong as it can be. Although the economic impact has been great, and we’re far from out of the woods yet, at least people have become more financially responsible as a result. People are trying to save more and wanting to get rid of debt which will help to create a more secure and financially resilient future.”

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