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Pandemic has had massive impact on financial planning across UK

Pandemic sees one third of millennials move house to find a better quality of life

The coronavirus pandemic and resulting lockdowns across the UK led to more than one third of 18-34 year-olds moving home, according to research by Close Brothers, an asset management firm.

The 36% of those who moved did so to secure a better standard of life, the findings suggested.

To compare, the figure for those aged 55 and above is 9%, while the average across Britain came in at 21%.

The report highlights the way in which workers across the UK have altered their financial plans due to the events of the past 12 months.

Close Brother’s findings also show a shift towards remote working as 39% are going fully remote, while 30% intend to do so on a part-time basis.

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Facebook recently said its employees will be allowed to continue working from home as it thinks remote work “is the future”.

The last 18 months, in addition to impacting the way people approach their mental and physical health, has encouraged many to keep a closer eye on their day-to-day spending, as outlined below.

Top Changes Made to Improve Financial Wellness

OverallMenWomen
Keeping a closer eye on day to day spending63%52%73%
Saving more into an emergency savings fund61%57%65%
Writing a will/ updating an existing will20%19%21%
Saving more into my personal pension19%24%15%
Increasing my contribution to my workplace pension16%19%13%

Jeanette Makings, Head of Financial Education at Close Brothers commented: “For years, we’ve been keeping a close eye on the financial wellbeing of UK employees and in the last few years, there are some signs of trending in the right direction.”

“But the impact of the pandemic and the experience through multiple lockdowns have been a catalyst for some significant lifestyle changes and in employees taking steps to improve their mental, physical, and financial health.”

“At this moment in time employees are more focused than ever about the importance of better managing their finances. It is therefore the perfect time for employers to push harder on their financial wellbeing strategies and better support their employees’ financial health. More employees need it and more employees are ready, willing and able to listen.”

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