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

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

Harris Interactive / Toluna

At Toluna/Harris Interactive and KuRunData we’ve run a Consumer Barometer study every 2-3 weeks since March 2020. The study was intended to better understand consumer changes as they unfolded during the global pandemic. In doing so, we’ve learned that consumers have been resilient, focused on saving money, and cautious about the ongoing pandemic. Download the full report here.

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 us to address our 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%) of us 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 of us are looking forward to spending money on doing activities we haven’t 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 of us 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.”

—ENDS—

About Toluna

Toluna delivers real-time consumer insights at the speed of the on-demand economy. With a commitment to leading by technology innovation, Toluna revolutionizes market research and empowers clients with the agility to instantly conduct quantitative and qualitative research. By combining global scale and local expertise with innovative digital solutions and award-winning research design, Toluna helps clients explore tomorrow, now.

Toluna is the parent company of Harris Interactive Europe and KuRunData. Together, we strive to push market research toward a better tomorrow.

Media Contact

Articulate Communications

toluna@articulatecomms.com

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